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1. Here is a table of prices and the demands of a consumer named Ronald whose behavior was observed in 5 different price-income situations. Situation
1. Here is a table of prices and the demands of a consumer named Ronald whose behavior was observed in 5 different price-income situations. Situation P1 P2 X1 X2 A 1 1 5 35 B 2 35 10 C 10 15 3 5 15 E H 2 10 10 a) Sketch each of his budget lines and label the point chosen in each case by the letters A, B, C, D, and E. (b) Is Ronald's behavior consistent with the Weak Axiom of Revealed Preference
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