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Problem 1: Production Function with two variable inputs 1. A 75- pound steer can be sustained on a diet calling for various proportions of grass
Problem 1: Production Function with two variable inputs 1. A 75- pound steer can be sustained on a diet calling for various proportions of grass and grain. These combinations are shown in the following table: Feed Combination of inputs mix price Total price Total Pounds Total Cost Cost of of Pounds Cost of of feed mix Grain grain of Grass grass (both ( Y) inputs) (X) A 38 1.1 148 0.7 B 65 1.1 87 0.7 70 1.1 80 0.7 D 86 1.1 65 0.7 E 95 1.1 59 0.7 F 110 1.1 51 0.7 a. The rancher's cost of grain is $1.10 per pound; the cost of grass is $0. 70 per pound. Complete the table above (Round your numbers to 2 decimal points) 3pts
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