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Consider the following three scenarios, which illustrate the preferences of three consumers (Alicia, Bob, and Cecilia) regarding two goods, peaches and apples. Each consumer has
Consider the following three scenarios, which illustrate the preferences of three consumers (Alicia, Bob, and Cecilia) regarding two goods, peaches and apples. Each consumer has an income of $30, and each consumer pays $2 for apples and $3 for peaches.
Alicia Bob Cecilia Peaches Apples Peaches Apples Peaches Apples U1 5 7.5 5 7.5 5 7.5 U1 6 6.5 7 4.5 6 6.5 U2 9 6 6 9 6 9 Alicia Bob Cecilia A A 19 15 12 10 7-5 2 4 0 8 19 2 14 16 P 4 6 8 10 12 14 16 6 8 10 12 14 16 pStep by Step Solution
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