(c) Compute the compensating variation (CV) associated with this price change. (d) Draw the demand curve for x1 (with a, in the horizontal axis and p, in the vertical axis) when p2 = 1 and I = 3 are fixed. Explicitly compute the change in consumer surplus (ACS) associated with the price change (you need to find the numerical value; showing ACS in the picture is not enough.) (e) Suppose that after prices increase to p', the consumer is given [ACS] in additional income so that his new income is f = /-+ (ACS). What is the consumer's optimal consumption bundle? What is his optimal utility?(1) [20 points] A consumer with income / = 3 has utility function U(x) = log(x1) + 2. Note: here log(x) denotes the natural logarithm of x in base e.]