The following information is available for the Hancock Company. 
Compute the answers for items A-D.
Definitions:
Consumption
The action of using up a resource or goods and services being used by consumers.
Saving
The portion of income not spent on current consumption but reserved for future use.
Total Income
The aggregate amount of income received by an individual or household from all sources before taxes or deductions.
Utility Function
A mathematical representation of how a consumer derives satisfaction or utility from consuming various amounts of goods or services.
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