Question: Problem 2. Define >* on R2 as (21, x2) 2* (11, 12) if and only if a1 + 52 > y1 + 12 or (mi

Problem 2. Define >* on R2 as (21, x2) 2* (11,

Problem 2. Define >* on R2 as (21, x2) 2* (11, 12) if and only if a1 + 52 > y1 + 12 or (mi + 12 = y1 + 92 and 12 > 12). (a) Is >* transitive? Explain. (b) Suppose C = {(21, 12) ( R' [x1 + 12 = 6, x1 2 0,12 2 0). If a consumer with >* faces budget set C, which bundle will she choose? Explain

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2. Value-oriented information and

1. Empirical or factual information,

1. To take in the necessary information,