|Question||Touchie asks his brother, Sir Francis MacFeelie, to study the long-run picture. Sir Francis, who has carefully studied the appendix to Chapter 19 in your text, prepared the following report.
(a) If all inputs are variable, and if old jokes cost $1 each and cartoonist labor costs $2 per hour, the cheapest way to produce exactly one comic book is to use _________ jokes and ______ hours of labor. (Fractional jokes are certainly allowable.)
(b) This would cost ______ dollars.
(c) Given our production function, the cheapest proportions in which to use jokes and labor are the same no matter how many comic books we print. But when we double the amount of both inputs, the number of comic books produced is multiplied by _______.