3.2 Analysis In the analysis section you must compete cach of the steps detailed below. When com- picting the steps you must: . Type all equations using the 'Insert Equation" lunction (or equivalent). . Show all of your working and include sufficient writter description for the reader to fol ow your process. Vote that hand draw figures and equations are not acceptable. There is ro word/ page limit for the analysis section. Step 1: Derive an expression for the typical household's marginal rate of substitut on. (1 mark) Step 2: Find the price of good x ant the price of good y n equilibrium. (You must explain your reasoning. otherwise you will not obtain ary marks. ) (4 marks) Step 3: Write down the optimality condition for the typical household (2 marks). (Hint: At the optimum the slope of the indifference curve s equal to the slope of the budget linc. i.c., Langency condition.)