Situation in an isoquant-isocost diagram

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FSU is using 10 acres of land and 50 tons of cement to produce 1000 additional parking spaces. Land costs $4000 per acre and cement costs $12 per ton. For the input quantities currently being employed, marginal product of land and cement is given by L = 50 and C = 4. Show this situation in an isoquant-isocost diagram. Can FSU produce these 1000 parking spaces at a lower cost? Explain and show on your diagram.

Reference no: EM13834026

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