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(i) Write down a formal definition of Choice data is consistent with utility maximization that is analogous to the definition of consistency with preference maximization.

(i) Write down a formal definition of "Choice data is consistent with

utility maximization" that is analogous to the definition of "consistency with

preference maximization". (ii) Using a domain A = {a, b, c} provide an example

of choice data that is consistent with preference maximization but not consistent

with utility maximization. (iii) Provide your reasoning underlying (ii).

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