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QUESTION 4 Assume you own a greenhouse that can be used to grow mums (in pots), pansies (in flats), or a combination of each. You
QUESTION 4 Assume you own a greenhouse that can be used to grow mums (in pots), pansies (in flats), or a combination of each. You are currently producing 810 pots of mums and 1267 flats of pansies. You are considering increasing your mums to 925 pots, but in order to do this you will have to reduce your pansies to 1119 flats. Assume mums currently sell for $3.00 per pot and pansies currently sell for $1.00 per flat. What is your output substitution ratio? a. 1.29 b. 33 OC. 78 d. 3 QUESTION 5 Assume you have some hogs on feed and would like to have them gain another 130 pounds before they are sold. You are currently feeding a combination of corn and soybean oil meal. You are currently feeding 290 pounds of corn and 65 pounds of soybean oil meal. You are considering decreasing corn fed to 275 pounds and increasing soybean oil meal fed to 70 pounds. Corn currently costs $0.07 per pound and soybean oil meal costs $0.28 per pound. What is the input substitution ratio? a. 33 b.3 Oc4 d. 25
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