1. Answer the following questions about consumer preferences:

a. If julie prefers diet coke to diet pepsi and diet pepsi to regular pepsi but is indifferent between diet coke and classic coke, what are her preferences between classic coke and regular pepsi?

b. if james purchases a ford mustang rather than a ferrari, what are his preferences between the two cars?

c. if julie purchases a ferrari rather than a ford mustang, what are her preferences between the two cars?

d. james and jane are having a soft drink together. coke and pepsi are the same price. if james orders pepsi and jane orders coke, what are the preferences of each between the two colas?