What can be another set of prices that diego would have

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Reference no: EM132198845

Question: 1. For each of the following choice sets by a consumer, assign a utility to each bundle that the consumer's choices work. Explain the reason if there is no utility function.

a) Cody picks B between bundles A and B

Cody picks B between bundles B and C

Cody picks A between bundles A and C

b) James picks B between bundles A and B

James picks C between bundles B and C

James picks A between bundles A and C.

3. Diego has an endowment (1,2) and prices (2,1)

a) Draw his budget constraint.

b) What can be another set of prices that Diego would have same budget constraint? Why Diego's budget constraint doesn't change at this new set of prices?

Reference no: EM132198845

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