3. An old aristocrat and a young hip-hop superstar (both very rich) face the same market prices and choose to buy positive quantities of wine and caviar. Claim: \"The aristocrat and the hip-hop star probably have different prefer- ences and therefore they would not value bottles of wine in terms of jars of caviar in the same way.\" Is this wrong/ right and why? 4. Claim: \"Since LED light bulbs use 10% of the electricity that is consumed by equivalent traditional bulbs, a widespread adoption of these light bulbs will lead to a drop in consumption of energy to 10% of the current use.\" Is this wrong/ right and why? (Before answering, nd out what Jevons paradox is. It is sometimes called rebound effect, take-back effect or backre effect.)