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?

---

Definitions:

Hassle-free Eating

An eating experience that is convenient and requires minimal effort in preparation, making it appealing for busy or convenience-oriented consumers.

Nutritional Value

The content of essential nutrients in a food item, such as vitamins, minerals, and proteins, which contribute to its overall health benefits.

Social Experience

The interaction and communication between individuals in social environments, which can influence attitudes, perceptions, and behaviors.

Extra Servings

Refers to the provision of additional portions or servings of a product or service, often used in food-related contexts to indicate offering more than the standard amount.