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A consumer buys only two goods, x1 and x2. Initially, the prices are (p1; p2) = (4; 3) and the consumer chooses (x1; x2) = (3; 4). Later, the prices change to (p1; p2) = (3; 3). At these new prices the consumer chooses (x1; x2) = (8; 2):
(a) Compute the income of the consumer at the two price vectors.
(b) Are these choices consistent with utility maximization?
(c) Can you state whether the consumer prefers bundle (x1; x2) = (3; 4) or bundle (x1; x2) = (8; 2)?
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