Given the following production function:
Q= 30X + 2XY -.5X2 - .5Y2
where Q is output and X and Y are inputs and Px=$25.00 per unit and Py=$40.00 per units and MR= $ .50
A. Assuming you ONLY have the production and not the input prices or MR, what is the slope of the isoquant given X on the vertical axis and Y on the horizontal axis.
B. Now using the information on input prices and MR, what is the optimal input combination?