Lilly Davis Has $5 Per Week to Spend on Any

question 64

Essay

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.
$$\begin{array} { | c | c | c | c | c | c | c | } \hline \begin{array} { c } \text { Quantity of } \\\text { Ice Cream } \\\text { Cones }\end{array} & \begin{array} { c } \text { Total } \\\text { Utility }\end{array} & \begin{array} { c } \text { Marginal } \\\text { Utility }\end{array} & \begin{array} { c } \text { Marginal } \\\text { Utility per } \\\text { Dollar }\end{array} & \begin{array} { c } \text { Quantity } \\\text { of Candy }\end{array} & \begin{array} { c } \text { Total } \\\text { Utility }\end{array} & \begin{array} { c } \text { Marginal } \\\text { Utility }\end{array} \\\hline 1 & 20 & & & 1 & 20 & \\\hline 2 & 38 & & & 2 & 38 & \\\hline 3 & 52 & & & 3 & 48 & \\\hline 4 & 62 & & & 4 & 54 & \\\hline\end{array}$$ 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?

Recognize the significance of customer satisfaction and retention strategies.

Assess the deployment and integration challenges of CRM systems.

Understand the differences between pull and push models in supply chain management.

Comprehend the role and impact of JIT (Just-In-Time) systems on inventory management.

---

Definitions:

Demographic Characteristics

Attributes of populations, such as age, race, gender, income, and education, used in market research and policy analysis.

Social Forces

Factors that affect society’s basic structure and the behavior of its members, including values, culture, norms, and demographic characteristics.

Environmental Scanning

The process of collecting and analyzing information about elements in the external environment that could impact an organization's strategies.

Potential Trends

Emerging patterns or changes in societal, technological, economic, or market sectors that have the possibility to significantly impact the future.