For the Questions , Assume James Purchases Only Two

question 31

Multiple Choice

For the questions , assume James purchases only two goods, steak and chicken, with his weekly income of $60. The price of steak is $10 and the price of chicken is $5. The following table shows the marginal utility James obtains from each additional pound of steak and chicken:

$$\begin{array} { l ccc} \text { Quantity } & \begin{array} { l } \text { Marginal utility of } \\\text { steak }\end{array} & \begin{array} { c } \text { Marginal utility of } \\\text { chicken }\end{array} & \\\hline 1 & 70 & 50 \\2 & 60 & 40 & \\ 3 & 50 & 30 & \\4 & 40 & 20 & \\5 & 32 & 10 &\end{array}$$
-What quantities of steak and chicken should James purchase to maximize his utility?

• A) 3 steak, 2 chicken
• B) 5 steak, 2 chicken
• C) 4 steak, 4 chicken
• D) 2 steak, 5 chicken
• E) none of the above

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Definitions:

Social Change

The alteration in societal structures and norms over time, which may result from cultural, economic, or political influences.

Cultural Leveling

The process by which different cultures become similar to one another, especially as a result of travel, communication, and trade, leading to a reduction in cultural diversity.

Cultural Imperialism

The practice of promoting, distinguishing, separating, or artificially injecting the culture or language of one nation into another, usually because of unequal relations of power.

Research Mobilization

The process of moving research knowledge out of the academic sphere and into the hands of people and organizations who can put it to practical use.