Exercise 3. (16 points) Consider the preference relation: bundle a = (ax, ay) is weakly preferred to bundle b = (bx, by) if and only if ax > bx - 2. Page 2 i) Does this preference relation satisfy completeness? (4 points) ii) Does this preference relation satisfy transitivity? Clearly explain. (4 points) iii) Is this preference relation monotonic? Is it strong monotonic? (4 points) iv) In an X/Y diagram plot a consumer's endowment @ = (Wx = 4, wy = 3). (4 points) Then, in the diagram highlight all bundles that the consumer weakly prefers to w