(Table: Utility from Burgers and Milkshakes) Look at the Table

question 470

Essay

(Table: Utility from Burgers and Milkshakes) Look at the table Utility from Burgers and Milkshakes.David's marginal utilities for milkshakes and burgers are given in the table.The price of milkshakes is $2, and the price of burgers is $5.If David's income is $10, how many milkshakes and how many burgers does he buy to maximize his utility?
A.1 shake and 1 burger
B.0 shakes and 2 burgers
C.5 shakes and 0 burgers
D.2 shakes and 1 burger

Differentiate between fair trade and free trade in the context of labor, environmental, and public health standards.

Identify the role and goals of the International Labour Organization (ILO).

Recognize the importance of labor standards and collective bargaining rights in global trade agreements.

Understand the role of labor cooperation agreements in improving labor standards.

---

Definitions:

Supplier

An entity, individual, or company that provides products or services to another entity or individual typically in a supply chain context.

Income

Proceeds that come in, particularly at consistent intervals, from occupational or investment sources.

Utility Function

A mathematical representation that captures the preference ranking of various bundles of goods by an individual, translating these preferences into a level of utility or satisfaction.

Income

Refers to the money received, typically on a regular basis, for work or through investments.