Please solve this question...

Question 1 (25 marks): Consider an individual making choices over two goods, x and y with initial prices pr = 2 and Py = 1, with income I = 100. S (a) If an individual has the utility function u(x, y) = 3x + y, what would the total, income and substitution effects of a price of x increase to 5? Show your work (b) If an individual has the utility function u(x, y) = x2 + y2, what would the total, income and substitution effects of a price of x decrease to 0.50? Show your work (c) Suppose an individual has a utility function u(x, y) = xy and you know that this yields the demand functions x* = 3px and y* = 3py (no need to calculate). You also remember that MRS = Pz at all prices. If the government wishes to reduce the consumption of x through either a sales tax of $3 or a lump-sum (income) tax for initial prices Px = 2 and Py = 2, find the sales tax revenue, the equivalent income tax, and show that the income tax involves a higher utility