Question: Consider a pro t-maximising rm that is a price-taker in all markets. Sup- pose that the production set for this rm is Y = (y1;

Consider a pro t-maximising rm that is a price-taker in all markets. Sup- pose that the production set for this rm is Y = (y1; y2) 2 R2 : y2 6 ln (y1) ; y1 < 0 [ f(0; 0)g . (In other words, the rm's production set Y consists of the production plan (0; 0) and all of the production plans in the set f(y1; y2) 2 R2 : y2 6 ln (y1) ; y1 < 0g.)

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