Question 3 Question 3 Part a John has $100 that he can spend on milk and gas. A gallon of milk costs $5. However, government gives its citizens a coupon that entitles people to 20% discount on their first 10 gallon milk purchases. Gas costs $4 per gallon and government charges $1 for each gallon of purchased gas. John's utility function is U(x, y) = 9x+10y, where x and y represent gallons of milk and gas consumed, respectively. What is John's optimal consumption of milk and gas?

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.