Suppose That Paul and David Have Utility Functions U =

question 11

Multiple Choice

Suppose that Paul and David have utility functions U = 5A_P + O_P and U = A_D + 3O_D, respectively, where A_P and O_P are Paul's consumptions of apples and oranges and A_D and O_D are David's consumptions of apples and oranges.The total supply of apples and oranges to be divided between them is 14 apples and 14 oranges.The "fair" allocations consist of all allocations satisfying

• A)10A_P + 2O_P is at least 84 and 2A_D + 6O_D is at least 56.
• B)5A_P + O_P is at least 84 and 2A_D + 3O_D is at least 56.
• C)A_D + O_D is at least 14 and A_S + O_S is at least 14.
• D)A_D + A_P and O_D + O_P.
• E)5A_P + O_P is at least A_D + 3O_D and AD + 3O_D is at least 5A_P + O_P.

Understand the flow of costs in a process costing system and how it compares to job order costing.

Acknowledge the use of work in process accounts for each production department or process.

Distinguish between the types of products and industries that use process cost systems versus those that use job order cost systems.

Understand how equivalent units of production aid in the measurement of work done during a period.

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