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Derive a cost function for the production function Y = min (4x, 5z). Prices for x and z are w 1 and w 2 respectively.

Derive a cost function for the production function Y = min (4x, 5z). Prices for x and z are w1and w2respectively.

Assume that w1 = 8 and w2 = 10.

Calculate returns to scale, atc and mc

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