State whether the following description of preferences violates any of the four axioms of consumer preferences...

 

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State whether the following description of preferences violates any of the four axioms of consumer preferences or not and why. a. (3 points) Cynthia loves to binge-watch Netflix shows. After watching six one-hour episodes, however, she starts to feel sick if she continues watching more episodes. b. (3 points) Athena likes to drink bottled water, but she is not picky about the brand; she is completely indifferent between Arrowhead and Aquafina, for example. c. (3 points) Vivian is a lifelong vegetarian. She has therefore never eaten meat and is consequently unable to say whether she likes lamb or chicken better. d. (9 points) Kevin likes to consume one bucket of popcorn every time he goes to see a movie. Seeing another movie without more popcorn or eating an additional bucket of popcorn in the same movie do not provide any additional satisfaction. e. (3 points) Pete cannot taste the difference between a cup of coffee with n grains of sugar and one with n+1 grains of sugar for any nonnegative integer n. In other words, he is indifferent between any two cups of coffee in which one cup has a single grain of sugar more than the other. At the same time, Pete prefers 40,000 grains of sugar (about a teaspoon) in his coffee to not having any sugar in his coffee. f. (3 points) Doug likes to attend indie music concerts and electronic music concerts. He wants to be an expert in one type of music, however, so he prefers to primarily attend only one type of concert rather than see a more equal mix of both indie and electronic music concerts. State whether the following description of preferences violates any of the four axioms of consumer preferences or not and why. a. (3 points) Cynthia loves to binge-watch Netflix shows. After watching six one-hour episodes, however, she starts to feel sick if she continues watching more episodes. b. (3 points) Athena likes to drink bottled water, but she is not picky about the brand; she is completely indifferent between Arrowhead and Aquafina, for example. c. (3 points) Vivian is a lifelong vegetarian. She has therefore never eaten meat and is consequently unable to say whether she likes lamb or chicken better. d. (9 points) Kevin likes to consume one bucket of popcorn every time he goes to see a movie. Seeing another movie without more popcorn or eating an additional bucket of popcorn in the same movie do not provide any additional satisfaction. e. (3 points) Pete cannot taste the difference between a cup of coffee with n grains of sugar and one with n+1 grains of sugar for any nonnegative integer n. In other words, he is indifferent between any two cups of coffee in which one cup has a single grain of sugar more than the other. At the same time, Pete prefers 40,000 grains of sugar (about a teaspoon) in his coffee to not having any sugar in his coffee. f. (3 points) Doug likes to attend indie music concerts and electronic music concerts. He wants to be an expert in one type of music, however, so he prefers to primarily attend only one type of concert rather than see a more equal mix of both indie and electronic music concerts.

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four axioms of consumption are 121 Axiom 1 Preferences are Complete Completeness For any two bIndles ... View the full answer