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Q1: Answer the following questions regarding revealed preference.
- 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?
- 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?
- Priyanka is observed to purchase She is also observed to purchase Are her preferences consistent with the Weak Axiom of Revealed Preference?
- If two goods are perfect substitutes and , sketch the income offer curve and Engel curve and find the slope of the Engel
- If instead we have perfect complements, sketch the income offer curve and Engel curve and find the slope of the Engel
- 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.
- Consider quasilinear preferences of the form: . Sketch the income offer curve and the Engel curve for the quasi-linear
- Derive the Marshallian demand curves for the following:
- A normal good
- An inferior good
- A Giffen good
- 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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