Question: 1. 2.4 Suppose that Lucys quasilinear utility function in Solved Problem 5.2 is U(q1, q2)=2q1 0.5+q2, p1=2, p2=4, p1=4, q1=q1(p1)=4, q1=q1 (p1)=1. Compare her CV,

1. 2.4 Suppose that Lucy’s quasilinear utility function in Solved Problem 5.2 is U(q1, q2)=2q1 0.5+q2, p1=2, p2=4, p1=4, q1=q1(p1)=4, q1=q1

(p1)=1. Compare her CV, EV, and ∆CS. M

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