Joshua is a utility maximizer and likes ice cream. He likes vanilla ice cream, but would happily switch to chocolate ice cream if offered 1 scoop of chocolate ice cream for every scoop of vanilla ice cream he has to give up. He has $5 of income to spend on ice cream. If vanilla ice cream costs $1 per scoop and chocolate ice cream costs $2.5 per scoop, Joshua will consume ______ scoops of chocolate and ______ scoops of vanilla ice cream per day.
Joshua is a utility maximizer and likes ice cream. He likes vanilla ice cream, but would happily switch to chocolate ice cream if offered 1 scoop of chocolate ice cream for every scoop of vanilla ice cream he has to give up. He has $5 of income to spend on ice cream. If vanilla ice cream costs $1 per scoop and chocolate ice cream costs $2.5 per scoop, Joshua will consume ______ scoops of chocolate and ______ scoops of vanilla ice cream per day.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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3) Joshua is a utility maximizer and likes ice cream. He likes vanilla ice cream, but would
happily switch to chocolate ice cream if offered 1 scoop of chocolate ice cream for every
scoop of vanilla ice cream he has to give up. He has $5 of income to spend on ice cream.
If vanilla ice cream costs $1 per scoop and chocolate ice cream costs $2.5 per scoop,
Joshua will consume ______ scoops of chocolate and ______ scoops of vanilla ice cream
per day.
A) 0; 5
B) 5; 0
C) 2; 0
D) 0; 2
E) None of the above.
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