-John either buys a steak or chicken when dining out. John's marginal utility for steak and chicken is given in the above table. If the price of a steak is $20 and the price of a chicken is $10 and John has $50 to spend on the two goods, what combination of steak and chicken will John consume to maximize his utility?
A) 0 steak and 5 chickens
B) 1 steak and 3 chickens
C) 2 steaks and 1 chicken
D) 3 steaks and 2 chickens

Question

-John either buys a steak or chicken when dining out. John's marginal utility for steak and chicken is given in the above table. If the price of a steak is $20 and the price of a chicken is $10 and John has $50 to spend on the two goods, what combination of steak and chicken will John consume to maximize his utility?
A) 0 steak and 5 chickens 
B) 1 steak and 3 chickens 
C) 2 steaks and 1 chicken 
D) 3 steaks and 2 chickens

Quizplus · Accepted Answer

The Answer of 
-John either buys a steak or chicken when dining out. John's marginal utility for steak and chicken is given in the above table. If the price of a steak is $20 and the price of a chicken is $10 and John has $50 to spend on the two goods, what combination of steak and chicken will John consume to maximize his utility?
A) 0 steak and 5 chickens 
B) 1 steak and 3 chickens 
C) 2 steaks and 1 chicken 
D) 3 steaks and 2 chickens

-John Either Buys a Steak or Chicken When Dining Out