cost doubt

Posted by riyaf on Apr 03, 2014; 8:52am
URL: http://discussion-forum.276.s1.nabble.com/cost-doubt-tp7586063.html

Please can somone explain the folloewing question ?

20.5 (0) The prices of inputs (x1; x2; x3; x4) are (4;1;3;2).
(a) If the production function is given by f(x1; x2) = minfx1; x2g, what
is the minimum cost of producing one unit of output? $5.
(b) If the production function is given by f(x3; x4) = x3+x4, what is the
minimum cost of producing one unit of output? $2.
(c) If the production function is given by f(x1; x2; x3; x4) = minfx1 +
x2; x3 +x4g, what is the minimum cost of producing one unit of output?
$3.
(d) If the production function is given by f(x1; x2) = minfx1; x2g +
minfx3; x4g, what is the minimum cost of producing one unit of output?
$5.
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