Question: Please deliver only one file. Preferably, send a pdf file. List all the sources you have research during this assignment. Exercise 1 Imagine an audience

Please deliver only one file. Preferably, send a pdf file. List all the sources you have research during this assignment.

Exercise 1

Imagine an audience consisting of non-economists who have never taken a single lecture on economics. Use your own words and provide examples to explain the following.

a)What does it mean for preferences to be complete? Does it always make sense to assume that preferences are complete?

b) What does it mean for preferences to be transitive? Does it always make sense to assume that preferences are transitive?

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