For each of the below production functions, find the minimum costof producing 2 units of output when input prices are w₁ = 2 andW2 =: 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.

The input prices for producing 2 units of output are given as 2 and 5. Minimum cost needs to be…

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.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter7: Economies Of Scale And Scope

Section: Chapter Questions

Problem 8MC

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Question

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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Step 2: a. Find minimum cost for [min{z1,3z2}]^1/2

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Step 3: b. Find minimum cost for z1+z2^0.5.

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