What is sams compensating variation for the proposed policy, Econometrics

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What is sams compensating variation for the proposed policy

Sam currently earns $30,000 a year. The government is considering a policy that would increase Sam's income by 12 percent, but raise all prices by 8 percent. What is Sam's compensating variation for the proposed policy? Can you compute it without knowing his preferences? Why or why not?

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Econometrics: What is sams compensating variation for the proposed policy

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