Q2 (10 points) Based on the question before, we know that O ICVI ICVI > LEVI O ICVI > |4CSI > LEVI O ICVI > |EVI > |ACS| O There is not enough information to determine the relationship between | CV |, |EV |, and |ACS|Q1 (15 points) Saved Frank's preferences over qi and q2 are given by U (q1 , q2) = q,/q2 2, and he has an income of Y = 128. The price initial prices are p1 = 4 and p2 = 16. Suppose that the price of q1 increases to 14. What are the compensating variation (CV) and the equivalent variation (EV) in absolute value? O ICV | = 111.47 and |EV | = 59.58 O ICVI = 80.83 and |EV | = 40.47 O ICV| = 200.11 and |EV | = 156.38 O ICV| = 43.22 and |EV | = 50.56 O ICVI = 156.38 and |EV | = 139.28