Assume an hypothetical consumer faced by the following utility function; U=X^2Y ( squared times y). After a bad harvest and thus bad economic conditions, the price of good X increases from Ksh.4.2 to Ksh. 4.8, while the price of good Y which was ksh. 4 increased to ksh.5. The income of the consumer was ksh. 30 before and after the good harvest. Calculate the CV and EV.

A First Course in Probability (10th Edition)
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ISBN:9780134753119
Author:Sheldon Ross
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Chapter1: Combinatorial Analysis
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Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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6 Assume an hypothetical consumer faced by the following utility function; U=X^2Y ( squared times y). After a bad harvest and thus bad economic conditions, the price of good X increases from Ksh.4.2 to Ksh. 4.8, while the price of good Y which was ksh. 4 increased to ksh.5. The income of the consumer was ksh. 30 before and after the good harvest. Calculate the CV and EV.
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