"Alex Meir recently won a lottery and has the option of receiving one of the following three prizes: (1) $78,000 cash immediately, (2) $28,000 cash immediately and a six-period annuity of $8,600 beginning one year from today, or (3) a six-period annuity of $15,200 beginning one year from today. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. Assuming an interest rate of 5%, determine the present value for the above options. Which option should Alex choose?"

What is the difference between total utility and marginal utility? a. marginal utility is subject to the law of diminishing marginal utility while total utility is not. b. total utility represents the consumer optimum while marginal utility gives the total utility per dollar spent on the last unit. c. total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good. d. marginal utility represents the consumer optimum while total utility gives the total utility per dollar spent on the last unit.