Suppose a firm only has $100 thousand dollars to spend in purchasing iron I and copper C to fabricate screws according to a certain production function. The cost of a pound of iron is $4 while that of a pound of copper is $2. Determine whether the following input combinations are economically feasible (total cost is less or equal than the budget constraint the company faces). If the combination is economically feasible then match it with the option that says Feasible" while if it is not- economically feasible then match it with the option "Non Feasible". I=25, C-2 I=20. C=9 1. Feasible 1=25. C=0 2. Non Feasible 1=15, C=10 1=0, C=50 >

Suppose a firm only has $100 thousand dollars to spend in purchasing iron I and copper C to fabricate screws according to a certain production function. The cost of a pound of iron is $4 while that of a pound of copper is $2. Determine whether the following input combinations are economically feasible (total cost is less or equal than the budget constraint the company faces). If the combination is economically feasible then match it with the option that says Feasible" while if it is not- economically feasible then match it with the option "Non Feasible". I=25, C-2 I=20. C=9 1. Feasible 1=25. C=0 2. Non Feasible 1=15, C=10 1=0, C=50 >

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter10: Cost Functions

Section: Chapter Questions

Problem 10.9P

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