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

question 5

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,if the price of steak falls to $8,what quantities of steak and chicken should James purchase to maximize his utility?

• A)6 steak,2 chicken
• B)5 steak,3 chicken
• C)4 steak,4 chicken
• D)5 steak,4 chicken
• E)3 steak,6 chicken

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Definitions:

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