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Meals must be produced with 3 chefs and 2 evens for each meal. For example. if you have 4 chefs and 2 ovens then you
Meals must be produced with 3 chefs and 2 evens for each meal. For example. if you have 4 chefs and 2 ovens then you can only produce one meal [and you have one extra chefs that gets wasted}. Let Q be the number of meals, C be the number of chefs1 and 0 he the number of ovens. The price of one chef is Pf; and the price of one oven is P0. {a} Determine three (0,0) points on the (.1le iso- quant (what combinations of inputs lead to produc tion of 10 meals}. {h} 'What is the long-run total cost function [or pro- ducing meals, T0012. 155.150}? (Hint: think of this intuitively rather than using formulas. For czscamw pie: what is the cheapest ram}r to produce one meal? Two meals? Q meals?) {c} 1What is the production function for meals Q (C. 0]? {This tells how many meals can he producer} for each eomhination of C and U}
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