Refer to Table 10-3. The table above shows Lee's marginal utility from consuming ice cream cones and cans of Lime Fizz Soda. Select the phrase that completes the following statement.
We can determine the number of ice cream cones and cans of Lime Fizz Soda Lee should consume to maximize his utility
A) if we know the values of the marginal utility per dollar for ice cream cones and Lime Fizz Soda.
B) by adding up the marginal utilities for ice cream cones and Lime Fizz Soda.
C) if we know what Lee's income is.
D) if we know what Lee's income is and the price of an ice cream cone and the price of a can of Lime Fizz Soda.
Question 2
Stan owns a software design business. He does not have time to expand his office space or redesign the layout of his office.
He can increase the amount of work he does by working more hours, asking his current employees to work more hours, or hiring more employees. The relationship between Stan's inputs and the maximum output his firm can produce is called his
A) short-run production function. B) cost function.
C) long-run production function. D) production possibilities frontier.
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