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:
Degrees of Freedom
The count of autonomous figures or measurements that may change in an examination while still adhering to all restrictions.
Null Hypothesis
The default hypothesis that there is no significant difference or effect, usually to be tested against an alternative hypothesis.
Expected Frequency
The anticipated count of occurrences across different categories in a contingency table under the null hypothesis.
Effect Size
A quantitative measure of the magnitude of the experimental effect, indicating the strength of the relationship between the variables.
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