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

Question

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

Quizplus · Accepted Answer

The Answer of 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

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