FIGURE 6-2 -Refer to Figure 6-2.Suppose the Price of Y Is $1,the

question 138

Multiple Choice

FIGURE 6-2
-Refer to Figure 6-2.Suppose the price of Y is $1,the consumer's income is $10,and the consumer is currently buying 3 units of good X and 4 units of good Y.If this consumer is maximizing her utility,then the price of X must be

• A)$1.
• B)$2.
• C)$3.
• D)$4.
• E)Impossible to tell with the given information.

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Definitions:

Direct Materials Purchase Budget

A budget estimating the raw materials that need to be purchased to meet projected production demands.

Ending Inventories

The final quantity and value of materials, work-in-process, and finished goods that a company holds at the end of an accounting period.

Direct Labor Budget

A projection of the total costs associated with the direct labor needed for a specific period, based on projected levels of production or services.

Direct Labor-Hour

Direct labor-hour refers to the amount of labor time spent by workers directly manufacturing a product or delivering a service, used as a basis for allocating overhead costs.