Lily has $20 to spend each week on fish and chicken. Fish costs $4 a serving and chicken costs $6 a serving. The table shows Lily's marginal utilities of fish and chicken. Lily will consume _______ servings of chicken and _______ of fish each week.Servings per week Marginal utilityChicken Fish1 70 452 60 403 50 354 40 305 30 25

To answer this question, we need to understand the concept of marginal utility per dollar. This is calculated by dividing the marginal utility of a good by its price. Lily will consume the good with the highest marginal utility per dollar until her budget is exhausted.

Let's calculate the marginal utility per dollar for both fish and chicken for each serving:

For the first serving:

• Chicken: 70 MU / $6 = 11.67 MU/$
• Fish: 45 MU / $4 = 11.25 MU/$

For the second serving:

• Chicken: 60 MU / $6 = 10 MU/$
• Fish: 40 MU / $4 = 10 MU/$

For the third serving:

• Chicken: 50 MU / $6 = 8.33 MU/$
• Fish: 35 MU / $4 = 8.75 MU/$

For the fourth serving:

• Chicken: 40 MU / $6 = 6.67 MU/$
• Fish: 30 MU / $4 = 7.5 MU/$

For the fifth serving:

• Chicken: 30 MU / $6 = 5 MU/$
• Fish: 25 MU / $4 = 6.25 MU/$

From the calculations, we can see that the marginal utility per dollar is higher for chicken for the first two servings, and higher for fish for the third, fourth, and fifth servings.

However, we also need to consider Lily's budget. With $20, she can afford 5 servings of fish, or 3 servings of chicken and 1 serving of fish, or 2 servings of chicken and 2 servings of fish.

Given the marginal utility per dollar calculations, Lily will get the most utility by purchasing 2 servings of chicken (which costs $12) and 2 servings of fish (which costs$8). This way, she spends her entire budget of $20 and maximizes her utility.

So, Lily will consume 2 servings of chicken and 2 servings of fish each week.