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Preferences 1. A consumer's preferences for bundles in R4 are complete and transitive. Suppose we additionally know the following information (1, 2) * (3, 0)
Preferences 1. A consumer's preferences for bundles in R4 are complete and transitive. Suppose we additionally know the following information (1, 2) * (3, 0) (2, 3) 2 (3, 2) (3,2) 2 (2, 3) (1,2) 2 (3, 2) Note: * stands for "is not at least as good as." So here, it is NOT the case that (1, 2) > (3, 0). a. Which of the following statements can be concluded based on what we know? In each case explain why or why not. i. (3,0) z (1, 2) ii. (3,0) z (3, 2) iii. (3, 0)~(2, 3)
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