Two Consumers Jim and Pam Both Have Opera Tickets and Movie

question 30

Multiple Choice

Two consumers Jim and Pam both have opera tickets and movie tickets.They wish to exchange tickets with each other.Jim's utility function can be expressed as And Pam's as
An efficient distribution of the fixed quantities of opera and movie tickets between Jim and Pam can be described as:

• A)one that maximizes their combined level of utility
• B)one that maximizes the utility of Pam subject to the constraint that Jim's utility is held fixed at some level
• C)one that minimizes the utility of Jim subject to the constraint that Pam's utility is help fixed at some level
• D)simultaneously maximizes their individual levels of utility

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