24. We assumed that the utility function for hamburgers (y) and soft drinks (x) was given by utility = U(x, y) = x0.505. There is an unconscionable price increase for soft drinks (good x) from $1 to $4, the consumer welfare loss is A. 5.56 B. 1.39 C. 2.78 D 417

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A: see below the answer and explanation

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A: We will find the required.

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A: As per our guidelines we can answer only 1 question so kindly repost the remaining questions…

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A:

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A: On solving this we will get

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Q: -3 X Domain: Range:

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Q: how did you get 59x?

A: In the question, there was calculation mistake in step3, I did correction on it.

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A: We can solve this as follows: