Production with four inputs Let the amounts for factor 1, factor 2, factor 3, an

Question

Production with four inputs Let the amounts for factor 1, factor 2, factor 3, and factor 4 be represented as x1. X2 .x3. and X4, respectively. The factor prices are $4, $1, $3, and $2, respectively. a. If the production function is given by f(x1, x2) = min(x1, x2}, what is the minimum cost of producing one unit of output?Select. Select... b. If the production function is given by f(x3.x4)- x3 + x4, what is the minimum cost of producing one unit of output? Select. . If the production function is given by f(x1.x2. x3.x4)min x1+x2. x3+X41, what is the minimum cost of producing one unit of output? | Select d. If the production function is given by f(x1, x2) - min(x1, x2 min(x3, X41, what is the minimum cost of producing one unit of output? Select ...

Explanation / Answer

A. Min($4,$1) = $1

B. X3 + X4 = 3+2 = $5

C. Min(4+1,3+2) = 5

D. Min(4,1) + min(3,2) = 1 + 2 = $3

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