Question: Explain please 8. (6 points) Suppose a Consumer has a utility function given by U(X, Y) = MIN(3X, Y). The price of Good X is

Explain please

8. (6 points) Suppose a Consumer has a utility function given by U(X, Y) = MIN(3X, Y). The price of Good X is Px = $2 and the price of Good Y is Py = $1. The consumer has $30 to spend (M = $30). Suppose the price of Good X increases to $3. Calculate the Equivalent Variation: EV = $5

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