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Suppose a firm, Plant Foods, Inc, uses 3 pounds of Potassium (K) and 10 pounds of Nitrogen (N) to make one pallet of fertilizer (F).
Suppose a firm, Plant Foods, Inc, uses 3 pounds of Potassium (K) and 10 pounds of Nitrogen (N) to make one pallet of fertilizer (F). PK = $20/lb and PN = $1/lb. Using a graph, sketch the firm's isoquant and isocost curves for Q = 10 units of output. Also, identify the cost-minimizing combination of K and N. On your graph, put N on the vertical axis and K on the horizontal axis. Make sure your graph is accurate and correctly labeled. You may assume that the amount of K, N, and F are continuous variables
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