Solution-Process for producing oranges

Process for producing oranges

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An orange grower has discovered a process for producing oranges that requires two inputs. The produciton function is y = min{2x1 , x2 }, where x1 and x2 are the amounts of inputs 1 and 2 that he uses. The prices of these two inputs are w1 = $5 and w2 = $2, respectively.

(a) What are the input levels for both x1 and x2 in order to minimize the cost for the orange grower

Reference no: EM131037821

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Process for producing oranges

Reference no: EM131037821

Reference no: EM131037821

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