Question

A firm has the production function y = min{x1, x2} + min{x3, x4}. This firm faces competitive factor markets where the prices for the four factors are w1 = $4, w2 = $8, w3 = $5, and w4 = $3. The firm must use at least 20 units of factor 2. What is the minimum cost of producing 100 units of output?

Answer 1

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Explanation

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