Fsu is using 10 acres of land and 50 tons of cement to, Ask an Expert

Economics

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.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91403873

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