At Nick's Bakery, the cost to make a cheese danish is $1.50 per danish. As a result of selling ten danishes, Nick experiences a producer surplus in the amount of $20 . Nick must be selling his danishes for

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

The marginal utility per dollar that Harold Stratton receives from oranges is greater than the marginal utility per dollar Harold receives from pears. To maximize his utility, what should Harold do?

A) He should buy fewer pears and more oranges. B) He should buy fewer oranges and more pears. C) He should reduce his consumption of both oranges and pears so that he can buy a greater variety of goods. D) He should acquire more income so that he can afford to buy more oranges and pears.