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Q1: Answer the following questions regarding revealed preference.

  1. If you observed a household choosing bundle A when bundle B was available, can you conclude that bundle A is revealed preferred to bundle B?
  2. Suppose Dan chose to dine at a different restaurant each night. Assuming prices remain constant along with Dan’s income, does his choice violate the Strong Axiom of Revealed Preference?
  3. Priyanka is observed to purchase She is also observed to purchase  Are her preferences consistent with the Weak Axiom of Revealed Preference?
  1. If two goods are perfect substitutes and , sketch the income offer curve and Engel curve and find the slope of the Engel
  2. If instead we have perfect complements, sketch the income offer curve and Engel curve and find the slope of the Engel
  3. For Cobb-Douglas preferences of the form: . Sketch the income offer curve and Engel curves and determine the slope for the Engel curve for both goods.
  4. Consider quasilinear preferences of the form: . Sketch the income offer curve and the Engel curve for the quasi-linear
  1. Derive the Marshallian demand curves for the following:
  • 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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