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Please show explanation of the work :) Now consider Bobby, whose utility function is U(x, y) = vx + 2y (also from PS 5) Assuming

Please show explanation of the work :)

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Now consider Bobby, whose utility function is U(x, y) = vx + 2y (also from PS 5) Assuming the same initial parameters and price increase as for Abby (/ = 500; P = 10 and Py = 80; P' = 30), find: a) The quantities purchased in each of the two months b) Compensating variation c) Equivalent variation d) Draw an x-y graph that allows us to identify these variables (i.e. show the original and new consumption point, as well as the hypothetical bundles we call "B" and "D" in the lecture notes)

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