3. (S&N Question 13.2) Suppose two individuals (Smith and Jones) each have 10 hours to devote to producing either ice cream (x) or chicken soup (y). Smiths utility function is given by US = x0.3y0.5, Y^0.5 pls take note whereas Jones' is given by U' = x0.570.5 The individuals do not care whether they produce x or y, and the production function for each good is given by x = 21 and y = 31, where I is the total labor devoted to production of each good. a) What must the price ratio, px/py, be? b) Given this price ratio, ho much x and y will Smith and Jon demand? Hint: Set the wage equal to 1 here. c) How should labor be allocated between x and y to satisfy the demand calculated in part (b)