The different input combinations of X1 and X2 that produce the same amount of product Y are given below: Combination Inputs X1 X2 A 825 1,350 B 900 1,130 C 975 935 D 1,050 770 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.

The different input combinations of X1 and X2 that produce the same amount of product Y are given below: Combination Inputs X1 X2 A 825 1,350 B 900 1,130 C 975 935 D 1,050 770 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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Question

2. Please show solution thanks

2. The different input combinations of X1 and X2 that produce the same amount of
product Y are given below:
Combination
Inputs
X1
X2
A
825
1,350
B
900
1,130
C
975
935
Ꭰ
1,050
770
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.

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Step 4: Find for the least-cost input combination in case of price change

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