Ricardo's utility depends on his consumption of good q1 and good q2?,where the price of good q1is initially ?$20 and the price of good q2 is ?$40. At the original? prices, his compensated demand for good q1 is q1=13.64(p2/p1)^0.4.

The price of good q1 increases from ?$20 to ?$60.At the new?price, Ricardo's compensated demand for good q1 is q1=7.057(p2/p1)^0.4.

What is? Ricardo's compensating variation

?Ricardo's compensating variation? (CV) is CV=

?(Entera numeric response using a real number rounded to two decimal?places.)

What is? Ricardo's equivalent variation

?Ricardo's equivalent variation? (EV) is EV=

Please refer to the pictures for the formulas. Please solve and show all the steps. Do not copy from other solutions. Thanks.

itially $20 and the price of good q2 is $40. At the original prices, his compensated demand for good q, is 04 91 = 13.64 good q, is 10.4 P2 91 = 7.057 P1 CV = . (Enter a numeric response using a real number rounded to two decimal places.) EV =Ricardo's velity depends on his comoption of good q and good or share the price of good it, In hibaby $20 and the price of good op h 140 At the origind prices, is compensated danand for poodq, h 41 - 1364 The price of good q, herbases from $29 10 160. At the name price, Ricardo's comparated demand for good g, h What is Ricardo's compensating varlation? Ricardo's compensating variation (CV] Is What is Ricardo's equivalent variadon't Ricando's equivalent variation (EV) h EV