1. Mr. i holds the following preferences over outcomes w, x, y, and z: xPw, xPy,...

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1. Mr. i holds the following preferences over outcomes w, x, y, and z: xPw, xPy, zPx, yPz, wPy, and wPz. (a) Identify all five possible subsets of these outcomes that contain three or more outcomes. As an example, {w, x, y} is one of the five possible subsets. {w, x, z} is another. (b) In which of these subsets can Mr. i identify his most preferred outcome? (c) Do any of these subsets contain a preference intransitvity among all outcomes in the subset? 1. Mr. i holds the following preferences over outcomes w, x, y, and z: xPw, xPy, zPx, yPz, wPy, and wPz. (a) Identify all five possible subsets of these outcomes that contain three or more outcomes. As an example, {w, x, y} is one of the five possible subsets. {w, x, z} is another. (b) In which of these subsets can Mr. i identify his most preferred outcome? (c) Do any of these subsets contain a preference intransitvity among all outcomes in the subset?

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Lets analyze Mr is preferences over outcomes w x y and z Preferences xPw ... View the full answer