Frank's preferences over q₁ and q2 are given by U (91, 92) = 91/2 9/2, and he has an income of Y = 128. The price initial prices are p₁ = 4 and p2 = 16. Suppose that the price of q₁ increases to 12. What are the compensating variation (CV) and the equivalent variation (EV) in absolute value? |CV = 120.56 and | EV = 78.76 |CV 45.98 and |EV = 54.13 = |CV 80.98 and | EV = 40.54 = |CV 93.70 and |EV = 54.10 = OCV = 76.29 and |EV| = 50.56

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.