Question 1 (20 points). Preferences, beliefs, and rationality A. (5 points) Explain what we mean when we talk about preferences in economics. To get full credit, please explain the intuitive meaning of this term and explain how this idea is captured by the preference relation z. B. (5 points) Consider an agent who is facing a choice that does not involve any uncertainty. What does it mean for this agent to have rational preferences? C. (5 points) What do we mean when we talk about beliefs in economics? To get full credit, please explain the intuitive concept, and the way in which it relates to the random variable X. D. (5 points) What does it mean to have rational beliefs