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Ed’s utility from vacations (V) and meals (M) is given by the function U(V, M) =...

Ed’s utility from vacations (V) and meals (M) is given by the function U(V, M) = V^2M. Last year the price of vacations was $200 and the price of meals was $50. The price of meals rose to $75 this year and the price of vacations remained the same. In both years, Ed had an income of $1500. Calculate the CV and EV from the price change in meals.

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