Question: Marvin has a Cobb-Douglas utility function, U = q 1 0.5 q 2 0.5 , his income is Y = 100, and, initially he faces

Marvin has a Cobb-Douglas utility function, U = q₁^0.5 q₂^0.5, his income is Y = 100, and, initially he faces prices of p₁ = 1 and p2 = 2. If p1 increases to 2, what are his CV, S, and EV?

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