Assume James Purchases Only Two Goods,steak and Chicken,with His Weekly

question 64

Multiple Choice

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 gets from each additional pound of steak and chicken: Given the above information,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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