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Author Question: John either buys a steak or chicken when dining out. John's marginal utility for steak and chicken ... (Read 153 times)

Destiiny22

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on: Jun 29, 2018
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 5 and the price of a chicken is 5 and John has 25 to spend on the two goods, what combination of steak and chicken will John consume to maximize his utility? A) 1 steak and 4 chickens
  B) 3 steaks and 2 chickens
  C) 4 steaks and 3 chickens
  D) 5 steaks and 6 chickens

Question 2

Deadweight loss is the decrease in ________ from producing an inefficient amount of a product.
 
  A) only consumer surplus
  B) only producer surplus
  C) consumer surplus and producer surplus
  D) profit


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meltdown117

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

C


Destiiny22

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

anyusername12131

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Reply 3 on: Yesterday
Excellent

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