If the production function is f (x1, x2)= min{x1, x2}, then the cost function is c(w1, w2, y)= min{w1, w2}y.

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Quizplus · Accepted Answer

The provided statement seems to contain formatting errors and does not accurately describe the relationship between a production function and a cost function. Typically, a production function is expressed as $f(x_1, x_2)$ to represent the output based on inputs $x_1$ and $x_2$. The cost function, generally denoted as $c(w_1, w_2, y)$, is derived from the production function and represents the minimum cost of producing output $y$ given input prices $w_1$ and $w_2$, but it does not directly mirror the format of the production function as suggested.

If the Production Function Is F (X1, X2)= Min{x1, X2}