For problems 1, 2, 3, we consider an agent Ann who consumes goods and y and has a utility U(x, y) = x²y. In these problems, Good x costs P₂ and good y costs Py. (1) Ann has I to spend. (a) Write out Ann's utility maximization problem. (b) Find: MU, MUy, and MRS zy- (e) Write out Ann's tangency condition. What is the other equation needed to solve for Ann's demand? (d) Find Ann's demands for x and y as functions of Pz, Py, and I. (Partial credit if you do this only for I = 30, P₂ = 5 and Py = 2.)

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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.