1 what are the choice variables and what are the parameters in this pr
 What are the "choice variables and what are the "parameters' in this problem?
What is the difference between them?
 How do we know this problem has a solution?
 Explain the relevant Lagrangian function.
 Explain the conditions that will characterize a KT-point.
 Use the conditions in part  to find the optimal consumption bundle (r*, y), and
the associated Lagrange multiplier X*.
 Explain why z* and y* can be interpreted as "functions".
 Find the partial derivative of z* with respect to each "parameter of the problem".
 Explain the interpretation of each partial derivate you find in part .
 Find the "indirect utility function' V = u(x, y), and explain its interpretation.
 Find the partial derivative of V with respect to M, and explain its interpretation.
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