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An orange grower has discovered a process for producing oranges that requires two inputs. The production function is Q=min{αx1,βx2}, where x1 and x2 are the amounts of inputs 1 and 2 that they use.
a. Suppose α=β= 2. Further assume that the prices of the two inputs are w1= $8 and w2= $3, respectively. What is the minimum cost to produce 140 units?
b. Now suppose α= 3 and β= 2. Further assume that the prices of the two inputs are w1= $8 and w2= $3, respectively. How much output can be produced for $600?
c. Between (a) and (b) has the firm become more or less efficient? Explain
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