Marvin has aCobb-Douglas utilityfunction, U=q1^0.5 q2^0.5,

his income is Y=$700, and initially he faces prices of p1=$1 and p2=$4. If p1 increases from $1 to $4, what are his compensating variation(CV), change in consumer surplus (CS), and equivalent variation(EV)?

Marvin's compensating variation(CV) is $.

(Enter your response rounded to two decimal places and include a minus sign ifnecessary.)

Marvin's change in consumer surplus (CS) is $.

(Enter your response rounded to two decimal places and include a minus sign ifnecessary.)

Marvin's equivalent variation(EV) is $.

(Enter your response rounded to two decimal places and include a minus sign ifnecessary.)

Please give a detailed explanation to your solution. Do not copy from other solutions. Thanks.