Use the Following Table to Answer the Questions : Table

question 3

Multiple Choice

use the following table to answer the questions : Table 6.1 lists five baskets of two goods,pizza and coke,for each of two consumers,Jane and Bill.

-Jane and Bill are indifferent between all of these baskets.From the information in Table 6.1,you can conclude that MRS_PC is:

• A)constant for Jane but not for Bill
• B)constant for both Jane and Bill
• C)constant for Bill but not for Jane
• D)not constant for both Jane and Bill

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Definitions:

Direct Materials Price Variance

The difference between the actual cost of direct materials used in production and the expected (or standard) cost of those materials.

Per-unit Standards

Benchmarks or norms for the cost or quantity of materials, labor, and overhead required to produce one unit of product, used for budgeting and performance evaluation.

Gallons

Gallons are a measure of volume used primarily in the United States, equivalent to 3.785 liters.

Labor Quantity Variance

The difference between the actual labor hours used in production and the standard hours expected, multiplied by the standard hourly labor rate.