- Suppose Liam's utility function for ice cream (q1) and pumpkin pie (q2) is ???? = 10????0.5????0.5. His income is $1000. The price of a pumpkin pie is $5 and the price of ice cream is $10. Suppose the price of ice cream deceased from $10 to $5, measure the change in Liam's consumer welfare using CV, EV, and ΔCS.
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