Question: 2.5 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

2.5 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, ∆CS, and EV? (Hint: See Solved Problems 5.1 and 5.2.) M

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