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Ch 5 Part 1 Discussion Prompt: Suppose a consumer went to a restaurant and was considering the combinations of chicken wings and boneless wings That
Ch 5 Part 1 Discussion Prompt: Suppose a consumer went to a restaurant and was considering the combinations of chicken wings and boneless wings That include (5CW. 5BW), (7CW. 8BW), and (8CW, 7BW). Furthermore, suppose the consumer told us the following statements. 1. Additional amounts of chicken wings and boneless wings make them better off. This implies that the consumer prefers more wings Il. They enjoy eating a meal that includes both chicken wings and boneless wings. Ill. They A) Are indifferent between (8CW, 7BW) & (7CW, 8BW) B) Prefer (7CW, 8BW) to (5CW, 5BW) C) prefer (8CW, 7BW) to (5CW, 5BW) Question a: Given the information we have from the prompt, do all four preference assumptions hold for this consumer? If not state the assumption(s) that do not hold. (50pts) Question b: based on your answer in a), can we list this consumer's choices over chicken wings and boneless wings from best to worst? If yes, rank the three choices from best to worst. (50pts)
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