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so up to this point we are still interested in the question how an individuals welfare changes when price changed there are several ways to measure that the first one is to use the compensating variation we talked about it last week i will come back in a second the second thing is the equivalent variation so heres like the cp and heres the ev and another measurement is to use the change sorry change in consumer surplus lets call it delta cs now oh we already learned about the cv our compensating variation last week thats the extra money we need to give a person in order to keep him or her as well as before the price change so thats calculated as the difference in the expenditure needed to docHub the same level of utility u0 the prior level after and before the price change right so that means we take e1 minus e0 thats what we learned how about the equivalent variation and the change in consumer surplus we will spend the remaining time of this topic to talk about these to measure
