An orange grower has discovered a process for producing oranges that requires two inputs. the production function is q = min{2x1, x2}, where x1 and x2 are the amounts of inputs 1 and 2 that he uses. the prices of these two inputs are w1 = $5 and w2 = $2, respectively. the minimum cost of producing 140 units is therefore
a. $980.
b. $630.
c. $1,400.
d. $280.
e. $700.
Answers: 2
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An orange grower has discovered a process for producing oranges that requires two inputs. the produc...
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