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motikmotik
3 years ago
12

Ricardo's utility depends on his consumption of good q1 and good q2, where the price of good q1 is initially $30 and the price o

f good q2 is $15. At the original prices, his compensated demand for good q1 is q1 = 39.583(p2/p1)0.4. The price of good q1increases from $30 to $60. At the new price. Ricardo's compensated demand for good q1 is q1= 26.114(p2/p1)0.4(i) What is Ricardo's compensating variation? Ricardo's compensating variation (CV) is CV =_____.(ii) What is Ricardo's equivalent variation? Ricardo's equivalent variation (EV) is EV =_____ .
Business
1 answer:
adelina 88 [10]3 years ago
8 0

Answer: 67

Explanation:

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Instructions are listed below

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<h3>What does the law of diminishing marginal utility State?</h3>
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<h3>What is law of diminishing marginal returns?</h3>
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