For each of the below production functions, find the minimum cost of producing 2 units of output when input prices are w₁ = 2 and W₂ = 5. Wherever rounding is needed, please round to 3 decimal points. (a) f(21, 22) = [min{z₁, 3z2}] 2 (b) ƒ(21, 22) = 21 + 20.5.
For each of the below production functions, find the minimum cost of producing 2 units of output when input prices are w₁ = 2 and W₂ = 5. Wherever rounding is needed, please round to 3 decimal points. (a) f(21, 22) = [min{z₁, 3z2}] 2 (b) ƒ(21, 22) = 21 + 20.5.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![For each of the below production functions, find the minimum cost
of producing 2 units of output when input prices are w₁ = 2 and
W2 =
: 5.
Wherever rounding is needed, please round to 3 decimal points.
(a) f(2₁, 22) = [min{z₁, 3z2}] =
(b) f(21, 2₂) = 21+ 20.5.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd5e0332-0650-432d-b006-8bd12fae84dd%2F122f5dfa-a701-45be-95f1-c60225e8393d%2Frzi2d8_processed.png&w=3840&q=75)
Transcribed Image Text:For each of the below production functions, find the minimum cost
of producing 2 units of output when input prices are w₁ = 2 and
W2 =
: 5.
Wherever rounding is needed, please round to 3 decimal points.
(a) f(2₁, 22) = [min{z₁, 3z2}] =
(b) f(21, 2₂) = 21+ 20.5.
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