Question: 2.4 Marvin has a Cobb-Douglas utility function, U = q1 0.5q2 0.5, his income is Y = 100, and, initially he faces prices of p1

2.4 Marvin has a Cobb-Douglas utility function, U = q1 0.5q2 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 V,

S, and EV? (Hiot: See Solved Problem 5.2.) M

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