Answer to Question #294841 in Macroeconomics for munna

Question #294841

Peter consumes only chocolate ice cream and vanilla ice cream. He is spending all of his income. His marginal utility of chocolate is 200 and his marginal utility of vanilla is 200, and the price of chocolate is $1.00 per scoop and the price of vanilla is $2.00 per scoop. To maximize his utility, Peter should

Expert's answer

Buy more chocolate ice cream and less vanilla ice cream.

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