(1) Suppose a consumer's utility function is given by U(X,Y) = 5X + 2Y. Also, the consumer has $30 to spend, and the price of Good X, PX = $1. Let Good Y be a composite good (Good Y is the "numeraire") whose price is PY = $1. So on the Y-axis, we are graphing the amount of money that the consumer has available to spend on all other goods for any given value of X. Suppose the Price of Good X increases to PX = $3. a) Calculate the Compensating Variation: (Note that since PX increases, this will be a positive number.) CV = _____________________ b) Calculate the Equivalent Variation: (Note that since PX increases, this will be a positive number.) EV = _____________________ C) In the table below, fill in the Quantity Demanded of Good X (QD) at each price: PX QD of Good X $.5 $1 $2 $4