Suppose that an individual chooses fruit salad from the set S1 = {fruit salad, ice cream, cheese cake}, it chooses fruit salad and apple crumble from the set S2 = {fruit salad, ice cream, cheese cake, apple crumble}, and it chooses apple crumble and coffee from S3 = {fruit salad, ice cream, cheese cake, apple crumble, coffee). Are these choices compatible with properties a, B, and y?

Suppose that an individual chooses fruit salad from the set S1 = {fruit salad, ice cream, cheese cake}, it chooses fruit salad and apple crumble from the set S2 = {fruit salad, ice cream, cheese cake, apple crumble}, and it chooses apple crumble and coffee from S3 = {fruit salad, ice cream, cheese cake, apple crumble, coffee). Are these choices compatible with properties a, B, and y?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 5SCQ: Individuals may not act in the rational, calculating way described by the economic model of decision...

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