Suppose That Choice Sets Are Convex but We Tastes May

question 9

Multiple Choice

Suppose that choice sets are convex but we tastes may or may not be convex.(Assume all our other usual assumptions about tastes hold.) The first order conditions of the constrained utility maximization problem are then

• A)necessary conditions for a true optimum.
• B)sufficient conditions for a true optimum.
• C)necessary and sufficient conditions for a true optimum.
• D)none of the above.

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Definitions:

First Processing Department

The initial stage or department in a manufacturing process where raw materials begin their transformation into finished goods.

Transferred Out

This term is used in accounting to describe costs or goods that are moved from one production process or department to another.

Materials

Raw substances used in the manufacturing process to create a finished product.

Equivalent Unit

A concept used in cost accounting to convert partially completed goods into a number of completed units for accounting purposes, considering the degree of completion.