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Could not understand part b onwards Here is a table of prices and the demands of a consumer named Ronald whose behavior was observed in

Could not understand part b onwards

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Here is a table of prices and the demands of a consumer named Ronald whose behavior was observed in 5 different price-income situations. Situation P1 37 2 A 1 5 35 1 2 35 10 C 10 15 D 5 15 E 1 2 10 10 (a) Sketch each of his budget lines and label the point chosen in each case by the letters A, B, C, D, and E. (b) Is Ronald's behavior consistent with the Weak Axiom of Revealed Preference? (6) Shade lightly all of the points that you are certain are worse for Ronald then the bundle C. (d) Suppose that you are told that Ronald has convex and monotonic preferences and that he obeys the strong axiom of revealed preference. Shade lightly all of the points that you are certain are at least ns good as the bundle C

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