Given Jason's utility function U(C,L) = C⁰.⁵L⁰.⁵ and budget constraint C = w × (16-L), what is his optimal consumption and leisure combination if w = $20 per hour?
a) C = $160, L = 8 hours
b) C = $200, L = 10 hours
c) C = $240, L = 12 hours
d) C = $280, L = 14 hours