Question: 8. Consider the table below, which lists Jamess marginal utility schedule for steak and hamburger meals: Steak meals per month Marginal utility of steak meals

8. Consider the table below, which lists James’s marginal utility schedule for steak and hamburger meals:

Steak meals per month Marginal utility of steak meals Price per steak meal Hamburger meals per month Marginal utility of hamburger meals Price per hamburger meal 1 20 $10 1 15 $5 2 15 10 2 8 5 3 12 10 3 6 5 4 10 10 4 4 5 5 8 10 5 2 5 Given a budget of $45, how many steak and hamburger meals will James buy per month to maximize his total utility? What is the total utility realized?

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