3. A firm has three factories each producing the same item. Let x, y, and z denote the respective output quantities that the three factories produce in order to fulfil an order for 2000 units in total. The cost functions for the three factories are (x)=200+ 100 a) Find the values of x, y, and z that minimize C. b) Verify that the solutions yield minimum costs. c) What is the minimum cost? 1 -x² C₂(x) = 200+y+1² C3(x) = 200+10z

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Cost of Production

The entire idea of the cost of production or production cost is applied corresponding, or we can say that it is related to monetary cost. Money cost refers to any money expenditure which the firm or supplier, or producer undertakes in purchasing or hiring factor of production or factor services.