If the Production Function Is Given by F (X1, X2

question 20

Multiple Choice

If the production function is given by f (x1, x2, x3, x4) =min{x1, x2} + min{x3, x4} and the prices of inputs (x1,x2, x3, x4) are (2, 1, 5, 3) , the minimum cost of producing 1 unit of output is closest to

• A) $1.
• B) $3.
• C) $4.
• D) $8.
• E) $11.

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