Question

The budget for this consumer is $48. a. What is the price per pound of steak? b. What is the price per pound of chicken? c. List two true statements centered on point A: 1. ___________________ 2. ___________________

Answer 1

Based on the budget of $48, it is to be noted that the price per pound of steak is $4. See further explanation below.

What is the price per pound of chicken?

The price per pound of chicken, based on the information provided is $3.

What are the two statements that are centered on point A?

The two statements which are TRUE in relation to option A are:

1. At point A, the consumer is said to be in equilibrium. This is because, at that point, the price at which consumers are supplies are willing to buy and sell respectively are in alignment.
2. The marginal rate of substitution is computed at -3/4

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