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:
Imported Oil
Oil that is brought into a country from abroad for use in domestic consumption or production.
Pollution Control Regulations
Laws and rules established by governments to minimize the discharge of pollutants into the environment and to manage waste.
Alaska National Wildlife Refuge
A protected area in Alaska that provides habitat for a diverse range of wildlife, including polar bears and caribou.
Safety Regulations
Rules and standards established to ensure the protection and welfare of the public by minimizing risks and hazards.
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