Question: Marvin has a Cobb-Douglas utility function, U=q1^0.5q2^0.5 , Marvin has a Cobb-Douglas utility function, U -q1 050205, his income is Y-$100, and initially he faces
Marvin has a Cobb-Douglas utility function,
U=q1^0.5q2^0.5 ,



Marvin has a Cobb-Douglas utility function, U -q1 050205, his income is Y-$100, and initially he faces prices of p1-$4 and p2-$1. Ifp1 increases from $4 to $5, what are his compensating variation (CV), change in consumer surplus (ACS), and equivalent variation (EV)? Marvin's compensating variation (CV) is (Enter your response rounded to two decimal places and include a minus sign if necessary.) Marvin has a Cobb-Douglas utility function, U -q1 050205, his income is Y-$100, and initially he faces prices of p1-$4 and p2-$1. Ifp1 increases from $4 to $5, what are his compensating variation (CV), change in consumer surplus (ACS), and equivalent variation (EV)? Marvin's compensating variation (CV) is (Enter your response rounded to two decimal places and include a minus sign if necessary.)
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