Question: econ notes ECON 1088-001 Spring 2022 Homework 3 Due April 6. 2022 3. Sam maximizes her utility by spending all of her income on two

econ notes ECON 1088-001 Spring 2022 Homework 3 Due April 6.

econ notes ECON 1088-001 Spring 2022 Homework 3 Due April 6. 2022 3. Sam maximizes her utility by spending all of her income on two goods, x and y. Her income b $56. Her utility function is given by u(r. y) = 423 + day + by'. The price of each of the two goods z and y is $1. Determine Sam's optimal consumption of x and y using the Lagrangian method. Clearly state the problem and any steps you are taking to solve it. Finally, calculate and interpret the Lagrangian multiplier. 10PTS

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