Serena's utility function is U(x, y) = 3 lnx+6lny. Her income is M = 72. The initial prices are P = 2 and Py = 2. The price of X increases to P = 4. (a) Compute the Equivalent Variation of this change in the price of X. (b) Serena's younger sister, Victoria, also has an income of M = 72. Victoria's utility function is V(x, y) = min{x,y}. Compute the Equivalent Variation of the change in the price of X. (8 marks) = (4 marks) (c) Serena's older sister, Hope, also has an income of M = 72. Hope's utility function is W (x, y) 2x + 2y. Compute the Equivalent Variation of the change in the price of X. (4 marks) (d) Is Victoria's Equivalent Variation greater or smaller (in magnitude) than Serena's? Give an economic interpretation of why this is the case. Is Hope's Equivalent Variation greater or smaller (in magnitude) than Serena's? Give an economic interpretation of why this is the (4 marks) case.