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Subject:
Microeconomics - WARP and SARP - Consumer Theory
Category: Business and Money > Economics Asked by: la2005-ga List Price: $35.00 |
Posted:
14 Oct 2005 22:45 PDT
Expires: 17 Oct 2005 11:00 PDT Question ID: 580521 |
Please answer the following question for me: Given a price-wealth pair, the consumer's choices are described as follows: i. If p1 less than or equal to p2, spend 20% of wealth of good 1 and 80% on good 2. ii. If p1 > p2, spend 80% of wealth on good 1 and 20% on good 2. I need the demand functions and I need to know which of the following are satisfied assuming prices and wealth are strictly positive: 1.homogeneity of degree zero 2.budget balancedness 3.Weak Axiom of Revealed Preference (WARP) 4.Strong Axiom of Revealed Preference (SARP) Thanks. I would like an answer as soon as possible but I understand if a day or two is required. Also, I do TIP if I believe you have done an excellent job and deserve more compensation. |
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There is no answer at this time. |
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Subject:
Re: Microeconomics - WARP and SARP - Consumer Theory
From: politicalguru-ga on 15 Oct 2005 01:17 PDT |
Google Answers discourages and may remove questions that are homework or exam assignments |
Subject:
Re: Microeconomics - WARP and SARP - Consumer Theory
From: la2005-ga on 15 Oct 2005 08:16 PDT |
I assure you this is not a homework or exam assignment. |
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