Multiple Choice
Suppose the production function for coffee (C) is C = min(B,W) where B = beans in pounds and W = water in gallons and the price of water is $.10 per gallon and the price of beans is $10 per pound.the cost minimizing combination of beans and water for C = 200 is
A) B = 200, W = 2000
B) B = 2000, W = 200
C) B = 100, W = 100
D) B = 200, W = 200
Correct Answer:
Verified
Correct Answer:
Verified
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