We have shown how the welfare costs of changes in a single price can be measured using compensated demand curves. This problem asks you to generalize this to price changes in two (or many) goods. (a) A way to show these welfare costs graphically would be to use the compensated demand curves for goods x and y by assuming that one price rises before the other. Provide the graphical illustration for the compensating variation for two alternative assumptions: (1) px increases first and py increases next; (2) py increases first and px increases next. Make sure to include all relevant labels (b) Use the formal expression for the compensating variation (i.e. CV written in term of expenditure functions) to show that the order in which the price changes are considered does not matter