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ECO - Sam prefers one pound of beef to one pound of chicken

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Question;In each of the following situations, explain which property of preferences, if any, is violated and why.a. Sam prefers one pound of beef to one pound of chicken, and one pound of chicken to two pounds of chicken.b. Sam prefers one pound of beef to one pound of chicken, and one pound of chicken to two pounds of pork.c. Sam's indifference curve is such that he is willing to give up one pound of beef in order to receive his first pound of chicken, and will give up two more pounds of beef to get a second pound of chicken.d. Sam doesn't know whether he prefers one pound of beef or one pound of chicken.e. Sam doesn't care whether he gets one pound of chicken or one pound of beef.

 

Paper#56669 | Written in 18-Jul-2015

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