Consider the following consumption data of the same individual over time (two days). Day p1 x1...

Consider the following consumption data of the same individual over time (two days).

Day p1 x1 p2 x2

1 2 1 3 2

2 3 2 2 1

Part a.

Is the consumer exhibiting consistent revealed preferences? Show your conclusion mathematically.

Part b.

What if the data of the two days above are actually coming from two different individuals?

Expert Solution

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Rahul Sunny answered 1 year ago

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