Table 5-1 ​

question 40

Multiple Choice

Table 5-1 ​
​
-Table 5-1 gives information on George's total utility from consuming milkshakes and sandwiches.If George's income this week is $15, milkshakes are $3 each, and sandwiches $2, he will maximize his utility if he buys

• A)three milkshakes and two sandwiches.
• B)three milkshakes and three sandwiches.
• C)no milkshakes and as many sandwiches as possible.
• D)two milkshakes and three sandwiches.

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Definitions:

AGI

The Adjusted Gross Income is a figure obtained from your gross earnings, serving the purpose of determining the taxable part of your income.

Single

A filing status for individuals not married, divorced, or legally separated, affecting the tax rates and deductions they qualify for.

Child Tax Credit

A tax credit available to taxpayers for each qualifying dependent child, aimed at reducing the taxpayer's liability on a dollar-for-dollar basis.

AGI

Adjusted Gross Income (AGI) refers to an individual's total gross income minus specific deductions used to determine their taxable income on a federal tax return.