Use the production matrix presented to answer the following questions. Y 8 31 67 101 133 161

Question:

Use the production matrix presented to answer the following questions.

Y 8 31 67 101 133 161 184 202 213 7 30 62 93 122 147 168 184 193 6 27 54 82 108 130 149 168 163 5 23 45 69 91 108 126 137 142 4 17 34 54 72 89 101 108 111 3 12 25 38 54 65 74 79 79 2 6 14 24 33 44 54 47 43 1 3 7 11 17 27 19 16 8 1 2 3 4 5 6 7 8 X

a. Determine the returns to scale for this matrix. (Start with one unit of X and one unit of Y.)

b. Suppose the firm has a budget of $100, and the price of Y is $20 and the price of X is

$10. What is the optimal combination of inputs X and Y for this firm?

c. Suppose the prices of Y and X are now $10 and $20, respectively. What effect will this have on the firm’s optimal input combination?

d. Illustrate the answers to the preceding questions with the use of an isoquant/isocost diagram.

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