Fiona and Alicia divide their time equally between ironing shirts and cooking meals. Fiona can iron 5 shirts and cook 2 meals in an hour. Alicia can iron 6 shirts and cook 1 meal in an hour. If they have to iron 15 shirts and cook 5 meals, who should specialize in which activity?
a. Fiona should do all the work.
b. Alicia should do all the work.
c. Fiona should specialize in cooking meals and Alicia should specialize in ironing shirts.
d. Alicia should specialize in cooking meals and Fiona should specialize in ironing shirts.
Question 2
Which of the following statements is true?
a. When long-run average total costs are increasing, the firm enjoys economies of scale.
b. Most industries exhibit long-run average costs that are shaped like an upside-down U.
c. Constant returns to scale occur when the short-run average-total-cost curve is horizontal.
d. When long-run average total costs are increasing, the firm has diseconomies of scale.
e. Constant returns to scale are never present in the real world.
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