a consumer chooses bundles of two goods. In one situation (p1,p2) = (1,1), w = 1 and (x1,x2) = (1/2,1/2). At the new situation, (p’1,p’2) = (2,p’2)…
a consumer chooses bundles of two goods. In one situation (p1,p2) = (1,1), w = 1 and (x1,x2) = (1/2,1/2). At the new situation, (p’1,p’2) = (2,p’2) and (x’1,x’2) = (3/4,1/4). Assuming her demand satisfies Wlaras’ Law, what are the value of p’2 and w’ that make her choice compatible with the WARP?
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