I have the following question:
Given the following price and consumption bundles:
p1 = (1,3,1) x1 = (4,2,3)
p2 = (2,a,6) x2 = (5,3,1)
p3 = (5,3,4) x3 = (2,2,b)
Would Weak Axiom of Revealed Preference be satisfied with a = 4 and b = 8?
If a = 5, b>0, what necessary and sufficient condition is required to satisfy
Weak Axiom of Revealed Preference?
If a>0,b>0, what relation between a and b is necessary and
sufficient for the Weak Axiom of Revealed Preference to hold? Please
show this by making a graph on the a-b plane.
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