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Marvin has a Cobb-Douglas utility function, U = 1 0.5, 0.5 92 his income is Y = $300, and initially he faces prices of p1
Marvin has a Cobb-Douglas utility function, U = 1 0.5, 0.5 92 his income is Y = $300, and initially he faces prices of p1 = $4 and p2 = $2. If p, increases from $4 to $5, what are his compensating variation (CV), change in consumer surplus (ACS), and equivalent variation (EV)? Marvin's compensating variation (CV) is $ (Enter your response rounded to two decimal places and include a minus sign if necessary.) Marvin's change in consumer surplus (ACS) is $. (Enter your response rounded to two decimal places and include a minus sign if necessary.) Marvin's equivalent variation (EV) is $ (Enter your response rounded to two decimal places and include a minus sign if necessary.)
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