As shown in the following figure, a consumer buys two goods, food and housing, and likes both
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a) What can you infer about how the consumer ranks baskets A, B, and C? If you can infer a ranking, explain how. If you cannot infer a ranking, explain why not.
b) On the graph, shade in (and clearly label) the areas that are revealed to be less preferred to basket B, and explain why you indicated these areas.
c) On the graph, shade in (and clearly label) the areas that are revealed to be (more) preferred to basket B, and explain why you indicated these areas.
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a From figure 421 we can infer that that and therefore by transitivity that First A must be st...View the full answer
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