Lilly Davis has $5 per week to spend on any combination of ice cream and candy.The price of an ice cream cone is $2 and the price of a candy bar is $1.The table below shows Lilly's utility values.Use the table to answer the questions that follow the table.
a.Complete the table by filling in the blank spaces.
b.Suppose Lilly purchases 2 ice cream cones and 1 candy bar.Is she consuming the optimal consumption bundle? If so, explain why.If not, what combination should she buy and why?
Definitions:
Information Is Forgotten
A cognitive process where learned material or experiences are lost or unable to be recalled over time, often due to decay or interference.
Curve of Forgetting
outlines how information is lost over time when there is no attempt to retain it, demonstrating a sharp decline in memory retention within the first days after learning.
Forgetting Occurs
The process through which a person loses the ability to recall or recognize previously learned information or past experiences.
Electroconvulsive Shock Therapy
A psychiatric treatment in which seizures are electrically induced in anesthetized patients for therapeutic effect.
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