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Ricardo ' s utility depends on his consumption of good q 1 and good q 2 , where the price of good q 1 is

Ricardo's utility depends on his consumption of good q 1 and good q 2, where the price of good q 1 is initially $15 and the price of good q 2 is $30. At the original prices, his compensated demand for good q 1 is
q 1equals9.094 left parenthesis StartFraction p 2 Over p 1 EndFraction right parenthesis Superscript 0.4
.
The price of good q 1 increases from $15 to $20. At the new price, Ricardo's compensated demand for good q 1 is
q 1equals7.651 left parenthesis StartFraction p 2 Over p 1 EndFraction right parenthesis Superscript 0.4
.
Part 2
What is Ricardo's compensating variationLOADING...?
Part 3
Ricardo's compensating variation(CV) is
CVequals
enter your response here. (Enter a numeric response using a real number rounded to two decimal places.)
Part 4
What is Ricardo's equivalent variationLOADING...?
Part 5
Ricardo's equivalent variation(EV) is
EVequals
enter your response here.

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