-Chase Has a Budget of $14 Which He Must Allocate

question 272

Multiple Choice

-Chase has a budget of $14 which he must allocate between steak and cranberry juice.The table gives his marginal utility and the marginal utility per dollar for both of those goods.The price of steak is $10 per serving and the price of cranberry juice is $2 per serving.To maximize his utility,Chase should buy

• A) 2 servings of steak and 2 servings of cranberry juice.
• B) 2 servings of steak and 4 servings of cranberry juice.
• C) 1 serving of steak because this has the highest marginal utility.
• D) 1 serving of steak and 2 servings of cranberry juice.
• E) 4 servings of steak and 4 servings of cranberry juice.

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