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3- Sam, Ram, and Cam all like only Apples and Oranges. Sam's utility is of the form U= / ; Ram's utility is of the
3- Sam, Ram, and Cam all like only Apples and Oranges. Sam's utility is of the form U= \\/ ; Ram's utility is of the form U = Min(4,40) or A=40; and Cam's utility 1s of the form U = 30 + A. The each receive an allowance of 96 dollars weekly. The price of Apples is $1 and the price of Oranges is $2. A. Write and Graph their budget constraint. B. What is the MRS of each Utility function? C. Find the equilibrium amounts of Apples and Oranges that each of them is willing to buy weekly. D. What is the level of Utility they achieve? (For Ram each bundle gives him 3 Utils)
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