1. Given the following input-output relationship: Labor O Output O 1 10 Inputs X1 X2 2 14 A 825 1,350 3 19 4 5 27 44 B 900 1,130 6 57 a. Assuming that the output price is Php20.00 per unit and the variable input costs Php180.00 per unit, determine the optimum innut level using the total approach. 2. The different input combinations of X1 and X2 that produce the same amount of product Y are given below: Combination C 975 935 7 69 D 1,050 770 8 71 9 72 E 1,125 620 F 1,200 525 a. Compute for the MRTS. b. Assuming that X1 and X2 are worth Php13.00 per unit and Php5.00 per unit, respectively, find for the least-cost input combination. Use the marginal approach. If the price of X2 becomes half that of X1, what is the new least-cost combination? Use the marginal approach. c.

1. Given the following input-output relationship: Labor O Output O 1 10 Inputs X1 X2 2 14 A 825 1,350 3 19 4 5 27 44 B 900 1,130 6 57 a. Assuming that the output price is Php20.00 per unit and the variable input costs Php180.00 per unit, determine the optimum innut level using the total approach. 2. The different input combinations of X1 and X2 that produce the same amount of product Y are given below: Combination C 975 935 7 69 D 1,050 770 8 71 9 72 E 1,125 620 F 1,200 525 a. Compute for the MRTS. b. Assuming that X1 and X2 are worth Php13.00 per unit and Php5.00 per unit, respectively, find for the least-cost input combination. Use the marginal approach. If the price of X2 becomes half that of X1, what is the new least-cost combination? Use the marginal approach. c.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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