answer the question in detail

1. Discuss the three common properties of 'preference relations' and how they impact a person's choice. Useapplicable examplesbased on your own individual experiences.
2. When normalizing the parameters for a Cobb Douglas Function, prove that the utility is unique only up to a monotonic transformation if = 0.3. [10 marks]
3. Define and discuss local examples from Fiji for the following terms

(i) Indifference Curves

(ii) Marginal Rate of Substitution

(iii) Indifference Curves and Transitivity

(iv) Convexity of Indifference Curves

(v) Utility and the Marginal Rate of Substitution

(vi) Homothetic Preferences

(vii) Non Homothetic Preferences

(viii) Optimisation Principle

(ix) Lump Sum Principle

(x) Homogeneity of Expenditure Functions