Show That the Following Preferences Are Not Consistent for a Rational

question 26

Essay

Show that the following preferences are not consistent for a rational individual.
i.An individual when confronted with prices of p₁ = $4 and p₂ = $8 chooses q₁ = 1 and q₂ = 5.
ii.The same individual facing prices of p₁ = $6 and p₂ = $9 chooses q₁ = 5 and q₂ = 3.

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Definitions:

Ph.D. In Psychology

A doctoral degree that represents the highest level of education in the field of psychology, focusing on research, theory, and clinical practice.

University of Minnesota

A public research university located in Minneapolis and St. Paul, Minnesota, known for its high-quality education and research programs.

Behaviorism

Behaviorism is a psychological approach that emphasizes the study of observable behaviors and the processes behind learning, excluding theories of the mind.

Wundt

Wilhelm Wundt, often regarded as the father of experimental psychology, who established the first psychological laboratory in Leipzig, Germany, in 1879.