How to allocate between vanilla and chocolate ice cream

Reference no: EM13209401

In particular, you love vanilla ice cream, and you love chocolate ice cream, but you love vanilla just a little bit more. Your ice cream utility function is given by U(V,C)=1.5V+C. Assume vanilla ice cream costs $2/gallon, and chocolate ice cream costs $1/gallon. If you have $10 to spend, how will you allocate it between vanilla and chocolate ice cream?

Reference no: EM13209401

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