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Suppose you’re writing a report for state legislators on the economic situation facing consumers. The state...

Suppose you’re writing a report for state legislators on the economic situation facing consumers. The state legislators would like the following questions answered so that they can better understand consumer behavior and the impact of potential policies on the state economy:

Consumer purchasing behavior is driven by consumer preferences. The state legislators would like to better understand consumer preferences and the requirements needed to analyze consumer preferences. What does restricting consumer preferences to be transitive mean, and what are the implications of transitivity for consumer indifference curves?

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