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Suppose that for a particular family we have the following data on their annual expenditures: Food Other Goods 1970 1000$ 2000$ 1980 2400$ 5000$ We also know that between 1970 and 1980 the price of food tripled while other prices doubled. (a) Do this family's choices satisfy the weak axiom of revealed preference? (b) Can we infer that the family is better off in 1980 than it was in 1970? by B Let X = {banana, orange, apple} and consider choice structure (B, C(.)) defined {{apple, banana}, {banana, orange}}, C({apple, banana}) = {apple} and C({banana, orange}) = {orange}. - (a) Find two rational preference relations on X, 21 and ?, that rationalise CO) relative to B. (b) What budget sets would need to be added to B to ensure that C() could be rationalised by a unique preference relation. Why? Suppose that for a particular family we have the following data on their annual expenditures: Food Other Goods 1970 1000$ 2000$ 1980 2400$ 5000$ We also know that between 1970 and 1980 the price of food tripled while other prices doubled. (a) Do this family's choices satisfy the weak axiom of revealed preference? (b) Can we infer that the family is better off in 1980 than it was in 1970? by B Let X = {banana, orange, apple} and consider choice structure (B, C(.)) defined {{apple, banana}, {banana, orange}}, C({apple, banana}) = {apple} and C({banana, orange}) = {orange}. - (a) Find two rational preference relations on X, 21 and ?, that rationalise CO) relative to B. (b) What budget sets would need to be added to B to ensure that C() could be rationalised by a unique preference relation. Why