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A person has a choice between only the following bundles: (1,1), (2,2) (3,3) (1,2) (1,3) (3,2) (3,1) (2,1) (2,3). The person’s preferences are that they prefer the bundle that has a bigger number when the x coordinate is divided by the y coordinate. They are indifferent to bundles that get the same number for this calculation.

a) Show these preferences are consistent and transitive

b) Show these preferences violate non- satiation.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91401192

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