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
Correct Answer:
Verified
Correct Answer:
Verified
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