Show That the Following Preferences Are Not Consistent for a Rational

question 30

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:

Intelligence Officials

Individuals working within the government who are responsible for gathering, analyzing, and using information for national security.

Delegate Power

The act of entrusting authority or responsibility from a higher authority to a lower one or from a principal to an agent.

Executive Branch

The branch of government responsible for implementing and enforcing laws, headed by the President and including departments and agencies that administer government functions.

Federal Government

The national government of the United States, which operates according to principles outlined in the U.S. Constitution, comprising three branches: executive, legislative, and judicial.