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Author Question: Brett, who is a chef, divides his time between fishing and cooking meals. His production set is ... (Read 83 times)

joblessjake

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on: Jun 30, 2018
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.


tanna.moeller

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Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

c


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