eals must be produced with 5 chefs and 2 ovens for each

meal. Let Q be the number of meals, C be the number

of chefs, and O be the number of ovens. The price of one

chef is PC and the price of one oven is PO.

(a) What is the long-run total cost function for produc-

ing meals , T C (Q, PC , PO)? (Hint: think of this

intuitively rather than using formulas. For exam-

ple, what is the cheapest way to produce one meal?

Two meals? Q meals?)

(b) What is the production function for meals Q (C, O)?

(This tells how many meals can be produced for each

combination of C and O)