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a)Formally define the notion that choice data is consistent with util- ity maximization. (Hint: take inspiration from the definition of consistency with preference maximization). b)Supposing
a)Formally define the notion that "choice data is consistent with util- ity maximization". (Hint: take inspiration from the definition of "consistency with preference maximization").
b)Supposing that A is finite, prove that choice data is consistent with utility maximization if and only if it satisfies WARP. (Hint: string together propositions in the lecture notes).
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