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4A. State and prove the 'Walras law' and mention (and prove) one of its important corollaries concerning the competitive equilibrium of an economy. 4B. If
4A. State and prove the 'Walras law' and mention (and prove) one of its important corollaries concerning the competitive equilibrium of an economy. 4B. If a competitive consumer chooses consumption program a = (15, 20) at competitive prices p = (2, 1) and consumption prgram y = (5, 7) at competitive prices p' = (3,5) then, under the usual assumptions, a) violates the weak axiom of revealed preference (WARP) b) does not violate WARP and exhibit direct revealed preference for r with respect to y c) does not violate WARP and exhibit direct revealed preference for y with respect to r d) does not violate WARP and does not exhibit any direct revealed preference between r and y e) NOPAC
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