Consider the following situations. In the table, (Px, Py, M) describes the prices and income and (x, y) describes the chosen bundle under those prices and income. Situation Prices and Income Chosen bundle 1 2 3 (b) O (2,4,10) (1,8,5) (4,2,6) A = (1,2) B = (1,0.5) C = (1,1) Which bundles amongst the 3 chosen ones is A directly revealed preferred to? Which bundles amongst the 3 chosen ones is B directly revealed preferred to? Which bundles amongst the 3 chosen ones is C directly revealed preferred to?

Consider the following situations. In the table, (Px, Py, M) describes the prices and income and (x, y) describes the chosen bundle under those prices and income. Situation Prices and Income Chosen bundle 1 2 3 (b) O (2,4,10) (1,8,5) (4,2,6) A = (1,2) B = (1,0.5) C = (1,1) Which bundles amongst the 3 chosen ones is A directly revealed preferred to? Which bundles amongst the 3 chosen ones is B directly revealed preferred to? Which bundles amongst the 3 chosen ones is C directly revealed preferred to?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter17: Capital And Time

Section: Chapter Questions

Problem 17.6P

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