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Help 60% Mon 9:06 virginiacommonwealth.instructure.com le Search Old Versions of Midterm 1: ECON... Info 360 Test 1 Flashcards | Quiz.. INFO 360 Test 3. Suppose Mark consumes only spoons (S) and footballs (F), and his utility function is UM(S,F)=SF. The price of spoons is p, and the price of footballs is 1. Mark's income is 120, which he keeps in his pocket. In this problem, you will find Mark's utility maximizing combination of spoons and footballs. (Note: some of your answers in this problem may be functions of p.) a. Write down Mark's budget constraint. (3 points) b. Find Mark's marginal utility of spoons. (2 points) c. Find Mark's marginal utility of footballs. (2 points) d. Find Mark's marginal rate of substitution between spoons and footballs. (2 points) e. What is the slope of Mark's budget constraint? (2 points) f. For Mark to be maximizing utility, what relationship must hold between his MRS and the slope of his budget constraint? Write down this relationship in the form of an equation, using your answers from parts (d) and (e). (3 points) as tv A W X X