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1. Maximizing an individual's utility subject to a budget constraint (10 points) Kevin's hap- piness depends only on two things: how many bags of M&M's
1. Maximizing an individual's utility subject to a budget constraint (10 points) Kevin's hap- piness depends only on two things: how many bags of M&M's he has (denoted by x) and how many bowls of chili he has (denoted by y). Kevin's level of happiness is characterized by his utility function: u(x, y) = In(x) + WIN In(y). The price of a bag of M&M's is $10, and the price of a bowl of chili is $20. Kevin has $300, and he will spend the entire amount on M&M's and chili. How much of each good does he buy in order to maximize his utility
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