Consider the utility function U(x,y)=x^2+y

a)Do we have a name for this type of utility function? Compute the marginal utilities of x and y, and the marginal rate of substitution of x for y (MRSx,y). Do we have diminishing MRS?

b)Let Bob have budget I=$60, and let prices be Px=$30, Py=$10. Find Bob's optimal basket of goods x and y. Is this an interior or corner solution?

c)Do you think we can use this utility function to describe Bob's preferences over pet snakes (x) and pet mice (y)? Explain why or why not.

d)Holding =60and =30, draw the demand curve for good y. (Mark clearly the coordinates at a couple of points -beyond that, the graph doesn't have to be especially precise.)

e)What is the income elasticity of demand for good y?