Feasting On 50-cent Servings Here Are 50 Ways To Please The Gourmand On The Cheap - From Chutney To Fried Polenta To Souffles.

Too often we elevate a food's status according to its expense, as if the cost of caviar defines its sensual charm or the rarity of a truffle elevates the prestige of the cook who slices it.

But, frequently, the best food is also the cheapest. Budget-priced chuck has more beefy flavor than top-of-the-line filet. A main-course soup fills the belly with heart-warming goodness as it fills your larder with a week's worth of meals. Sausages or meatballs paired with braised vegetables make low-cost stews, and curry or chili powder provides a wealth of flavor with little more than a pot of rice or beans.

To prove our point, we have come up with 50 recipes, which cost us just 50 cents a serving, or less, to prepare. Costs will vary, depending on the time, place of purchase and what you have on hand, and the variable factors of store sales and double-coupon redemption offers.

All recipes yield four entree portions, unless otherwise noted.

CHILI BAKED DRUMSTICKS. Mix 1 tablespoon chili powder with 1 teaspoon ground cumin, 1 tablespoon hot paprika, 1/2 teaspoon oregano, 1/2 teaspoon

salt and 1/4 teaspoon freshly ground pepper. Mix in 1/4 cup boiling water and cool. Mix in 1 beaten egg, 1 tablespoon ketchup and 1 teaspoon hot pepper sauce. Toss 2 pounds chicken drumsticks in this mixture and marinate at least one hour. Dust with 1 cup bread crumbs. Set aside to dry for 15 minutes. Bake in a lightly oiled baking pan for 45 minutes.

DIRTY RICE. Brown 1/2 pound each finely chopped chicken giblets and livers, 1 cup chopped onion, 1 finely diced bell pepper and 1/2 cup chopped celery in 3 tablespoons oil. Add 1 cup long-grain rice and toss. Add 2 1/2 cups hot chicken stock. Cover and simmer for 30 minutes until the liquid has been absorbed.

MUSHROOM AND LIVER RISOTTO. Soften 1/2 cup finely chopped onion and 2 minced garlic cloves in 2 tablespoons olive oil. Add 1 cup arborio rice and toss with oil. Add 1/2 cup white wine and, stirring with a wooden spoon, cook over moderate heat until the wine has been absorbed. Add 4 1/2 cups chicken broth to the rice, 1/2 cup at a time in the same way that the wine was added, until the rice is al dente and a creamy sauce has developed throughout the rice. Meanwhile saute 1/4 pound sliced mushrooms with 1/2 pound trimmed and quartered chicken livers in 1 tablespoon olive oil, until livers are firm.

Stir into rice along with 2 tablespoons grated imported Parmesan cheese and 1 tablespoon butter.