A firm that employs labor and capital has the following production function, 1 L /3/3 K 1/2/2 = T q What economies of scale does the long-run cost function exhibit? Select one: O a. indeterminate O b. no economies of scale O c. diseconomies of scale O d. economies of scale Frank consumes food (F) and whiskey (W). His utility function is U(F, W) = In(F) + W. Let P denote the price of food, and throughout the question the price of whiskey at 1. Frank's income is Y. Frank's wife tells him he'd better lay off the whiskey. For what values of income Y will Frank not buy any whiskey? Select one: a. Y 1 O b. Y 1/p O c. Y 1 O d. Y=PF Oe. Y 1/p N