Circle TRUE or FALSE: every consumer’s income offer curve must pass through the origin. Circle TRUE...

Circle TRUE or FALSE: every consumer’s income offer curve must pass through the origin.

Circle TRUE or FALSE: if a consumer’s wealth comes from an endowment, then that consumer’s demanded bundle is always different from the endowment bundle.

Circle TRUE or FALSE: if a consumer has complete preferences, then those preferences are automatically reflexive.

Expert Solution

Q) The given statement is false. A consumer having quasi linear preferences has a vertical income offer curve. Income offer curve is the locus of optimal bundle of goods consumed at different levels of income. In quasi linear preferences indifference curves are vertical translates of each other so resulting income offer curve is a vertical line. In the case of perfect substitute, perfect complement and cobb douglas preferences, Income offer curve passes through origin.

Q) The given statement is true. Endowment doesn't doesn't always imply demand. Agents often trade endowments to reach the pareto efficient equilibrium.

Q) The given statement is true. Completeness implies between two bundles (X1, X2) and (Y1, Y2) , the consumer is indifferent. That is either it picks X or Y or both. Reflexive implies each bundle is atleast as good as itself. Therefore we can say that completeness automatically also implies reflexive.

Rahul Sunny answered 2 years ago

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