Step 1: Concept
The Eutectic reaction in the Fe-C system is the transformation of liquid into two solid phases (Austenite and Cementite) simultaneously upon cooling.
Step 2: Meaning
This is the lowest melting point of the alloy system for cast irons.
Step 3: Analysis
The Eutectoid point (Pearlite) occurs at 0.8% C and 727$^{\circ}$C. The Eutectic point occurs at a higher carbon content of 4.3% and a temperature of 1147$^{\circ}$C.
Step 4: Conclusion
The correct coordinates for the Eutectic point are 4.3% Carbon and 1147$^{\circ}$C.
Final Answer: (A)