Exam 7:Revealed Preference-Part B

In Problem 3,Pierre's friend Henri lives in a town where he has to pay 3 francs per glass of wine and 7 francs per loaf of bread.Henri consumes 10 glasses of wine and 4 loaves of bread per day.Recall that Bob has an income of $15 per day and pays $.50 per loaf of bread and $2 per glass of wine.If Bob has the same tastes as Henri and if the only thing that either of them cares about is the consumption of bread and wine,

In Problem 1,if the only information we had about Goldie were that she chooses the bundle (6,6)when prices are (6,7)and she chooses the bundle (10,0)when prices are (2,5),then we could conclude that

In Problem 3,Pierre's friend Marcel lives in a town where he has to pay 3 francs per glass of wine and 5 francs per loaf of bread.Marcel consumes 9 glasses of wine and 4 loaves of bread per day.Recall that Bob has an income of $15 per day and pays $.50 per loaf of bread and $2 per glass of wine.If Bob has the same tastes as Marcel and if the only thing that either of them cares about is the consumption of bread and wine,

In Problem 1,if the only information we had about Goldie were that she chooses the bundle (6,6)when prices are (6,7)and she chooses the bundle (10,0)when prices are (2,5),then we could conclude that

Let us reconsider the case of Ronald in Problem 4.Let the prices and consumptions in the base year be as in situation D,where p₁=$3,p₂ =$1,x₁ = 5,and x₂ =15.If in the current year,the price of good 1 is $1 and the price of good 2 is $1,and his current consumptions of good 1 and good 2 are 25 and 10 respectively,what is the Laspeyres price index of current prices relative to base year prices? (Pick the most nearly correct answer. )

Let us reconsider the case of Ronald in Problem 4.Let the prices and consumptions in the base year be as in situation D,where p₁= $3,p₂=$1,x₁ = 5,and x₂ =15.If in the current year,the price of good 1 is $1 and the price of good 2 is $1,and his current consumptions of good 1 and good 2 are 25 and 20 respectively,what is the Laspeyres price index of current prices relative to base year prices? (Pick the most nearly correct answer. )

In Problem 3,Pierre's friend Henri lives in a town where he has to pay 3 francs per glass of wine and 2 francs per loaf of bread.Henri consumes 10 glasses of wine and 4 loaves of bread per day.Recall that Bob has an income of $15 per day and pays $.50 per loaf of bread and $2 per glass of wine.If Bob has the same tastes as Henri and if the only thing that either of them cares about is the consumption of bread and wine,

In Problem 1,if the only information we had about Goldie were that she chooses the bundle (6,6)when prices are (6,7)and she chooses the bundle (10,0)when prices are (1,5),then we could conclude that

In Problem 1,if the only information we had about Goldie were that she chooses the bundle (6,6)when prices are (6,7)and she chooses the bundle (10,0)when prices are (5,5),then we could conclude that

Let us reconsider the case of Ronald in Problem 4.Let the prices and consumptions in the base year be as in situation D,where p₁ = $3,p₂ =$1,x₁ =5,and x₂ = 15.If in the current year,the price of good 1 is $1 and the price of good 2 is $3,and his current consumptions of good 1 and good 2 are 25 and 20 respectively,what is the Laspeyres price index of current prices relative to base year prices? (Pick the most nearly correct answer. )

In Problem 3,Pierre's friend Jacques lives in a town where he has to pay 3 francs per glass of wine and 3 francs per loaf of bread.Jacques consumes 8 glasses of wine and 4 loaves of bread per day.Recall that Bob has an income of $15 per day and pays $.50 per loaf of bread and $2 per glass of wine.If Bob has the same tastes as Jacques and if the only thing that either of them cares about is the consumption of bread and wine,

In Problem 1,if the only information we had about Goldie were that she chooses the bundle (6,6)when prices are (6,2)and she chooses the bundle (10,0)when prices are (3,5),then we could conclude that

In Problem 3,Pierre's friend Jean lives in a town where he has to pay 3 francs per glass of wine and 2 francs per loaf of bread.Jean consumes 7 glasses of wine and 4 loaves of bread per day.Recall that Bob has an income of $15 per day and pays $.50 per loaf of bread and $2 per glass of wine.If Bob has the same tastes as Jean and if the only thing that either of them cares about is the consumption of bread and wine,

Let us reconsider the case of Ronald in Problem 4.Let the prices and consumptions in the base year be as in situation D,where p₁ =$3,p₂=$1,x₁ = 5,and x₂ = 15.If in the current year,the price of good 1 is $1 and the price of good 2 is $1,and his current consumptions of good 1 and good 2 are 25 and 20 respectively,what is the Laspeyres price index of current prices relative to base year prices? (Pick the most nearly correct answer. )

Let us reconsider the case of Ronald in Problem 4.Let the prices and consumptions in the base year be as in situation D,where p₁ = $3,p₂ =$1,x₁ =5,and x₂ =15.If in the current year,the price of good 1 is $1 and the price of good 2 is $2,and his current consumptions of good 1 and good 2 are 25 and 20 respectively,what is the Laspeyres price index of current prices relative to base year prices? (Pick the most nearly correct answer. )