Question: prices are (P1, P2) = (4, 2). Explain whether this consumer's behaviour is consistent with the weak axiom of revealed preference. (8 marks) (d) Lety

prices are (P1, P2) = (4, 2). Explain whether this consumer's

prices are (P1, P2) = (4, 2). Explain whether this consumer's behaviour is consistent with the weak axiom of revealed preference. (8 marks) (d) Lety = k1/312/3 be the production function for a firm, and let the price and quantity of output produced be 12 and 5, respectively. Let the prices of the two factors of production (k and )) be 4 and 2, respectively. Find the firm's optimal choices for the two factors in the long-run. How is this different from the firm's short-run situation? (8 marks) Question 3 (a) Consider a two-commodity world where an individual's m

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