Question: Using standard notation for preference relations and three bundles of goods X, y, and 2, give an example of preferences that are NOT transitive. Now


Using standard notation for preference relations and three bundles of goods X, y, and 2, give an example of preferences that are NOT transitive. Now imagine that your younger brother has such preferences. Explain how you could easily cheat him. Specify what you would offer him if you were trying to exploit his weakness and how he would respond
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