Question

Suppose two individuals (smith and jones) each have 10 hours of labor to devote to producting either ice cream (x) or chicken soup (y). smith's utility function is given by

Answer 1

In this scenario, without Smith's utility function, we cannot determine his specific preferences or how he would allocate his labor hours between ice cream and chicken soup.

Step-by-step explanation:

In the given scenario, Smith's utility function is not provided. However, based on the information given, we know that Smith and Jones each have 10 hours of labor to devote to either producing ice cream (x) or chicken soup (y).

It is important to note that without Smith's utility function, we cannot determine his specific preferences. Therefore, we cannot determine how Smith would allocate his labor hours between ice cream and chicken soup.

Without additional information, we cannot provide a specific answer regarding the preferences and utility maximization for Smith and Jones in this scenario.

Answer 2

It has to be either 10x or 10y