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Q1: Revealed Preference Theory

1. If a household chooses bundle A over bundle B when both were affordable, can we say A is revealed preferred to B? Justify.

2. Dan dines at a different restaurant each night with constant prices and income. Does this violate the Strong Axiom of Revealed Preference?

3. Priyanka is observed to purchase X and Y. Are her choices consistent with the Weak Axiom of Revealed Preference?

Q2: Income Offer and Engel Curves

1. For perfect substitutes:

   • Sketch the income offer curve.

   • Sketch the Engel curve and determine its slope.

2. For perfect complements:

   • Sketch the income offer curve.

   • Sketch the Engel Curve and determine its slope.

3. For Cobb–Douglas preferences U(x, y) = xᵅ · y¹⁻ᵅ

   • Sketch and find the slope of the Engel curves.

4. For quasilinear preferences U(x, y) = x + \ln(y):

   • Sketch the income offer and Engel curves.

Q3: Marshallian Demand Curves

• Derive and sketch demand curves for:

  • A normal good

  • An inferior good

  • A Giffen good

1. If we were to derive the Hicksian or Slutsky demand curves for each of the goods (i)– (iii), would the demand curves in each case still slope in the same direction? 
   

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