Question

At prices ($4, $12), Harry chooses the bundle (9, 4). At the prices ($8, $4), Harry...

At prices ($4, $12), Harry chooses the bundle (9, 4). At the prices ($8, $4), Harry chooses the bundle (2, 9). Is this behavior consistent with the weak axiom of revealed preference? Show all work and explain why or why not. Is Harry's behavior consistent with the Strong Axiom of revealed preference?

PLEASE SHOW ALL WORK

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Please show work. When the prices were ($5, $1), Vanessa chose the bundle (x, y) =...
Please show work. When the prices were ($5, $1), Vanessa chose the bundle (x, y) = (6, 3). Now at the new prices, (px, py), she chooses the bundle (x, y) = (5, 7). For Vanessa’s behavior to be consistent with the weak axiom of revealed preference, it must be that a. 4py < px. b. px < 4py. c. 5py < px. d. py = 5px. e. None of the above.
Please explain/show work. When prices are ($6, $3), Holly chooses the bundle (9, 18), and when...
Please explain/show work. When prices are ($6, $3), Holly chooses the bundle (9, 18), and when prices are ($1, $2), she chooses the bundle (8, 14). a. The bundle (9, 18) is revealed preferred to the bundle (8, 14) and she does not violate WARP. b. She violates SARP but not WARP. c. The bundle (8, 14) is revealed preferred to the bundle (9, 18) and she does not violate WARP. d. She violates WARP. e. None of the above.
Suppose a firm produce paper using 2 inputs. When input prices are ($8,$10) the firm uses...
Suppose a firm produce paper using 2 inputs. When input prices are ($8,$10) the firm uses input bundle (10,10). When the prices are ($10,$6) the firm uses bundle (2,18). The amount of output is the same in both case, this behavior is consistent with Weak Axiom of Cost Minimization True or False?
Here is a table of prices and the demands of a consumer named Ram whose behavior...
Here is a table of prices and the demands of a consumer named Ram whose behavior was observed in 5 different price-income situations. Situation P1 P2 X1 X2 A 1 1 5 35 B 1 2 35 10 C 1 1 10 15 D 3 1 5 15 E 1 2 10 10 Is Ram’s behavior consistent with the Weak Axiom of Revealed Preference ?
Find the standard deviation of 4, 9, 11, 12, 17, 5, 8, 12, 14. The answer...
Find the standard deviation of 4, 9, 11, 12, 17, 5, 8, 12, 14. The answer should have two decimals. Please show your work.
Suppose prices are given by p1 = 2 and p2 = 4. Which of the following...
Suppose prices are given by p1 = 2 and p2 = 4. Which of the following consumption patterns are consistent with the assumption that the consumer chooses the consumption bundle that he prefers the most among those affordable if his preferences are non-satiated (“more-is-better”) and strictly convex? (a) If m = 10, he consumes (2, 1). If m = 14, he consumes (3, 2). (b) If m = 12, he consumes (2, 2). If m = 18, he consumes (1,...
Given the data set A = {5, 4, 6, 14, 2, 2, 11, 4, 5, 8,...
Given the data set A = {5, 4, 6, 14, 2, 2, 11, 4, 5, 8, 3, 1, 12, 15, 13}, which is the data of a sample taken from a larger population. Please Solve NOT Using Excel Calculate the mean deviation Show all work! (5 pts) Mean= 7 MD= (|5-7|+ |4-7|+ |6-7|+|14-7|+|2-7|+|2-7|+|11-7|+| 4-7|+ |5-7|+| 8-7|+| 3-7|+|1-7|+|12-7|+ |15-7|+| 137|)/7              Mean deviation = 4.13 Calculate the variance Show all work! (5 pts) Calculate the standard deviation Show all work! (5...
Consider the following: period 1, 2, 3, 4, 5, 6, 7, 8 demand 7, 8, 9,...
Consider the following: period 1, 2, 3, 4, 5, 6, 7, 8 demand 7, 8, 9, 10, 14, 16, 13, 16 a. using a trend projection, forecast the demand for period 9 b. calculate the MAD for this forecast Show all work! do not use excel or phstat!!!
Consider the following sequence of numbers 8, 1, 11, 4, 2, 9, 10, 5, 3, 12,...
Consider the following sequence of numbers 8, 1, 11, 4, 2, 9, 10, 5, 3, 12, 6, 7 c) Sort the list using quick sort with the middle element as pivot. Show the state of the list after each call to the partition procedure. You are not required to write code for this question. You need to trace through the different sorting algorithms using the given list. Please could I get an answer to the above question through using 9...
Let A = {0, 3, 6, 9, 12}, B = {−2, 0, 2, 4, 6, 8,...
Let A = {0, 3, 6, 9, 12}, B = {−2, 0, 2, 4, 6, 8, 10, 12}, and C = {4, 5, 6, 7, 8, 9, 10}. Determine the following sets: i. (A ∩ B) − C ii. (A − B) ⋃ (B − C)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT