(Table: Optimal Choice of Milk and Honey) Hal's Total Utility

question 309

Essay

(Table: Optimal Choice of Milk and Honey) Hal's total utility from consuming milk and honey is given in the table.The price of milk is $2 per gallon, and the price of honey is $4 per jar.Hal's income is $16.If he spends all of his income on milk, the most he can buy is _____ gallons, and his total utility will be_ _.
A.4; 104
B.6; 12
C.8; 144
D.8; 4

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Definitions:

$70 Commission

A specific fee or payment of $70 made to an agent or employee for facilitating a sale or service.

Outstanding Shares

Stocks that a corporation has distributed and are currently owned by investors, encompassing both members of the general public and internal stakeholders of the company.

Net Income

The company's net income following the deduction of all costs, taxes, and losses.

Accrued Interest

The interest on a bond or loan that has accumulated since the principal investment, or since the previous interest payment if there has been one already.