Consider a consumer with preferences over two goods, z₁ and 22, that can be represented by the following utility function: u(x₁, x₂) = x³x95 The consumer has an exogenous income (M) of $16. Initially the price of r, is $2 while the price of 12 is $0.50. 1. Find the consumer's optimal consumption bundle and associated utility level. Alas, the world changes and the price of a decreases to $1 while the price of an increases to $4. 2. Find the consumer's new optimal consumption bundle and associated utility level. 3. Define and calculate either the CV or the EV of the change [Make sure to clearly state whether you are defining/calculating EV or CV].