Brett, who is a chef, divides his time between fishing and cooking meals. His production set is described by the equation , where is the number of salmon he catches and y the number of meals he cooks. If Brett catches 5 salmon and cooks 2 meals,
a. he is overusing his resources.
b. the result is economically efficient.
c. the result is economically inefficient.
d. he is achieving the best possible outcome.
Question 2
A positively sloped long run average cost implies:
a. economies of scale.
b. constant returns to scale.
c. diseconomies of scale.
d. diminishing marginal returns to a factor.
e. increasing returns to scale.
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