Table 6.3 -Refer to Table 6.3.The Table Above Shows Lee's Marginal Utility

question 104

Multiple Choice

Table 6.3
-Refer to Table 6.3.The table above shows Lee's marginal utility per dollar from consuming ice cream cones and cans of Lemonade.The price of an ice cream cone is $2 and the price of Lemonade is $1.Use this information to select the correct statement.

• A)We cannot determine how many ice cream cones and cans of Lemonade Lee will consume without knowing what his income is.
• B)To maximise his utility, Lee should consume 1 ice cream cone and 5 cans of Lemonade.
• C)We cannot determine how many ice cream cones and cans of Lemonade will maximise Lee's utility because we are given only the marginal utility per dollar values.We also need to know the marginal utility for each quantity.
• D)If Lee has an unlimited budget, he will maximise his utility by buying only Lemonade.

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Definitions:

Seventh Characters

Additional characters in some coding systems used to provide more specific information about a condition.

Subsequent Encounter

A term used in medical billing and coding to indicate an appointment or treatment after the initial encounter for a condition.

Initial Encounter

The first visit or consultation for a new condition in the medical setting.

Nonessential Modifiers

Descriptors that are not absolutely necessary to have been included in the physician’s notes and are provided simply to further clarify a code description; optional terms.