Brian consumes only two goods chocolates and porcelaine, Business Economics

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Brian consumes only two goods chocolates and porcelaine

Brian consumes only two goods, Chocolates and porcelaine lupines. Let X be the number of chocolates Brian consumes and Y be the number of porcelain lupines. Brian's utility function is given by U=20X^2 Y. Suppose initially that the price of chocolates is $1 as is the price of porcelain lupines. Brian's income is $840. Now suppose the price of chocolates rises to $3. Calculate CV and EV associated with the price change

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Business Economics: Brian consumes only two goods chocolates and porcelaine

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