X and X2 are the two factors used in production. Afirm's production function: fcx₁, x₂) = max {X₁, X₂}. the price of X, is W₁ = 8, and the price of X₂ isW2=10 The firm Paproduce 100 total units of output, what is the total cost?

X and X2 are the two factors used in production. Afirm's production function: fcx₁, x₂) = max {X₁, X₂}. the price of X, is W₁ = 8, and the price of X₂ isW2=10 The firm Paproduce 100 total units of output, what is the total cost?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 4CQQ

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Question

X and X2 are the two factors used in production
A firm's production function: fcx₁, x₂) = max {x₁, X₂}
the price of X, is W₁=8, and the price of X₂ is W₂=10
The firm paproduce 100 total units of output, what is the total cost?

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