Suppose that a steakhouse purchases natural beef (X=meat, in lbs) and uses it to produce steak dinners (Y=dinners, in no. of meals), as shown in the chart below. The price of meat (Px) is $20/lb, and the price of steak dinners (Py) is equal to $10/meal. Use a chart to find the profit-maximizing level of natural beef for the firm to purchase.
$\begin{array}{lc}
\underline {\mathrm{X}=\text { meat (lbs) }} & \underline {\mathrm{Y}=\text { dinners (meals) }} \
0 & 0 \
1 & 1 \
2 & 6 \
3 & 10 \
4 & 13 \
5 & 15 \
6 & 16 \
7 & 15
\end{array}$

Question

Suppose that a steakhouse purchases natural beef (X=meat, in lbs) and uses it to produce steak dinners (Y=dinners, in no. of meals), as shown in the chart below. The price of meat (Px) is $20/lb, and the price of steak dinners (Py) is equal to $10/meal. Use a chart to find the profit-maximizing level of natural beef for the firm to purchase.
 $\begin{array}{lc}
 \underline {\mathrm{X}=\text { meat (lbs) }} &  \underline {\mathrm{Y}=\text { dinners (meals) }} \
 0 & 0 \
1 & 1 \
2 & 6 \
3 & 10 \
4 & 13 \
5 & 15 \
6 & 16 \
7 & 15
\end{array}$

Quizplus · Accepted Answer

The Answer of Suppose that a steakhouse purchases natural beef (X=meat, in lbs) and uses it to produce steak dinners (Y=dinners, in no. of meals), as shown in the chart below. The price of meat (Px) is $20/lb, and the price of steak dinners (Py) is equal to $10/meal. Use a chart to find the profit-maximizing level of natural beef for the firm to purchase.
 $\begin{array}{lc}
 \underline {\mathrm{X}=\text { meat (lbs) }} &  \underline {\mathrm{Y}=\text { dinners (meals) }} \
 0 & 0 \
1 & 1 \
2 & 6 \
3 & 10 \
4 & 13 \
5 & 15 \
6 & 16 \
7 & 15
\end{array}$

Suppose That a Steakhouse Purchases Natural Beef (X=meat, in Lbs)