Mena has $20 a week to spend in ice cream cones and Lime Fizz. The price...

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Mena has $20 a week to spend in ice cream cones and Lime Fizz. The price of an ice cream cone is $4 and the price of a can of Lime Fizz is $2. The chart of total and marginal utilities is as below: Number of Ice Cream Cones Total Utility from Ice Cream Cones Marginal Utility from Last Cone Number of Cans Total Utility from of Lime Raz Cans of Line Rzz Marginal Utility from Last Can 0 0 0 1 30 30 1 40 40 2 55 25 2 75 35 3 75 20 3 101 26 4 90 15 4 119 18 5 100 10 134 15 6 105 5 141 7 a. Using the information in the chart above, what is the number of ice cream cones and Lime Fizz cans that Mena should buy to maximize her utility? Why? b. Explain your reasoning for the answer given in Question 1. How does it relate to the law of indifference and principle of exchange in neoclassical theory? Assuming Mena was trying to consume the aforementioned commodities over a number of weeks, how should she consume to maximize her utility over time according to Jevons' utility theory? c. In Jevon's discussion of his utility theory, he disapproves people's tendencies re consumption and saving behavior. Why? IV. Technical Exercise D (5 points) 1. What is the Clark theory of marginal productivity theory of income distribution and how can it be used as an argument against the minimum wage? Mena has $20 a week to spend in ice cream cones and Lime Fizz. The price of an ice cream cone is $4 and the price of a can of Lime Fizz is $2. The chart of total and marginal utilities is as below: Number of Ice Cream Cones Total Utility from Ice Cream Cones Marginal Utility from Last Cone Number of Cans Total Utility from of Lime Raz Cans of Line Rzz Marginal Utility from Last Can 0 0 0 1 30 30 1 40 40 2 55 25 2 75 35 3 75 20 3 101 26 4 90 15 4 119 18 5 100 10 134 15 6 105 5 141 7 a. Using the information in the chart above, what is the number of ice cream cones and Lime Fizz cans that Mena should buy to maximize her utility? Why? b. Explain your reasoning for the answer given in Question 1. How does it relate to the law of indifference and principle of exchange in neoclassical theory? Assuming Mena was trying to consume the aforementioned commodities over a number of weeks, how should she consume to maximize her utility over time according to Jevons' utility theory? c. In Jevon's discussion of his utility theory, he disapproves people's tendencies re consumption and saving behavior. Why? IV. Technical Exercise D (5 points) 1. What is the Clark theory of marginal productivity theory of income distribution and how can it be used as an argument against the minimum wage?