Hira's preferences can be represented byu(x; y) = min{2x;y},wherex is thenumber of bracelets andyis dollars to spend on

other things. She faces prices (px;py) and her income is $m. Now if the priceof a pair of earrings rises and Hira's income

stays the same, represent, using two separate clearlylabelled diagrams, how you would calculate EV and CV.

Specify which prices and utility levels would be used to make the calculation.Please note that you do not need to

calculateany valuesfor this question.