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Liz spends all her income and consumes 3 ice cream cones and 2 milkshakes per week. The marginal utility per dollar of the ice cream cones is 12 and the marginal utility per dollar of milkshakes is 9. In order to maximize utility, Liz should consume:

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sandlee09

Answer:

more ice cream cones and fewer milkshakes

Explanation:

Based on the information provided within the question it can be said that in order to maximize utility, Liz should consume more ice cream cones and fewer milkshakes. This is mainly due to the fact that the marginal utility of ice cream cones is higher than that of the milkshakes, meaning Liz gets way more satisfaction from eating ice cream cones as opposed to eating milkshakes.