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Flour (=X1, in lbs) and sugar (=X2, in lbs) are used to produce cookies (doz). The price of flour is P1=$1/lb, and the price of sugar is P2=$2/lb. Expenditures for the firm are equal to $20. Graph the isocost line, isoquant, and equilibrium for the cookie firm. A. If the price of sugar (P2) decreased to $1/lb, draw a graph to show how the equilibrium will change. Will the firm hire more or fewer workers? Explain why. B. Graph the optimal combination of the outputs Y1 = peanut butter cookies (doz) and Y2 = sugar cookies (doz) for the firm, and demonstrate the impact of an increase in the price of sugar cookies on the equilibrium quantity of PB and sugar cookies.
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