1) Suppose you are given the following Total Cost function for a firm that wants to minimize their production costs with the following technical constraints on the process of production: Min(TC) = 8x +5y subject to : A : 4x +3y 2120 B: 2x +3y 280 C:2x+ly 2 50 Non - Negativity : x, y 20 ring a) What is the optimal value of x? Join the General So b) What is the optimal value of y? C What is the firm's production cost at the optimal values of x and y? d) What is the shadow price of constraint A? Is it a binding constraint? e) What is the shadow price of constraint B? Is it a binding constraint? f) What is the shadow price of constraint C?Is it a binding constraint? g) What is the interpretation of a shadow price