Question: Greg has the following utility function: u = 20.63 2,0.37 2. He has an income of $50.00, and he faces these prices: (P1, p2) =

Greg has the following utility function: u = 20.63 2,0.37 2".

Greg has the following utility function: u = 20.63 2,0.37 2". He has an income of $50.00, and he faces these prices: (P1, p2) = (9.00, 4.00). Suppose that the price of a1 increases by $1.00. Calculate the equivalent variation for this price change. S

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