Bobby Consumes Only Chocolate Ice Cream and Vanilla Ice Cream

question 23

Multiple Choice

Bobby consumes only chocolate ice cream and vanilla ice cream. He is spending all of his income. His marginal utility of chocolate is 200 and his marginal utility of vanilla is 100, and the price of chocolate is $2.00 per scoop and the price of vanilla is $1.00 per scoop. Bobby has maximized his

• A) marginal utility of chocolate ice cream.
• B) marginal utility of vanilla ice cream.
• C) marginal utilities of chocolate ice cream and vanilla ice cream.
• D) total utility.

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Definitions:

Majority

Indicates more than half of a particular group or quantity, often used to describe the greater part of a total number.

Disaffirm

To assert the invalidity of; often related to contracts or agreements, indicating a refusal to recognize them as binding.

Uniform Commercial Code

A set of laws that govern commercial transactions in the United States, aimed at making business laws more consistent across states.

Minor

A person under the age of legal adulthood, which varies by jurisdiction but is typically 18 years old in many countries.