Question
asap please 7In a two-good world,suppose that a consumer's observed purchases in twoperiods are as follows:good 1good 2PeriodQuantitv100100Price100100Period IlQuantity120Price10080Over what range of quantities of good
asap please
7In a two-good world,suppose that a consumer's observed purchases in twoperiods are as follows:good 1good 2PeriodQuantitv100100Price100100Period IlQuantity120Price10080Over what range of quantities of good 2 consumed in period II would youconclude:(a) That the consumer's behavior contradicts WARP (the weak axiom ofrevealed preferences). For the next sub-questions, assume that WARP issatisfied(b) That the bundle in period I is revealed preferred to that of period Il(c) That the bundle in period II is revealed preferred to that of period I.(d) That good 1 is an inferior good (at some price).(e) That good 2 is an inferior good (at some price).
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