Consider a market with two goods: good 1 and good 2.

Suppose that the price of good 1 is $1 and the price of good 2 is $5.

Consider a consumer with $118.

Assume that the consumer has the following utility function: U(x₁,x₂) = min{x₁/5, x₂/3}

Assume that the price of good 1 increases to $8 and the price of good 2 increases to $9.

First, obtain the indirect utility function as a function of income and prices.

Then, calculate the optimal bundle the new prices $8 and $9. (Leave things in fractions - do not round).

By using the final bundle, calculate the final utility level. (Leave things in fractions - do not round).

Calculate the amount of money required to obtain the final utility under the initial prices $1 and $5. (Leave things in fractions - do not round).

Finally, calculate the equivalent variation.

Use 3-digit precision in your final answer.

If your answer is 34.327178191, then type 34.327.