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Answer the following questions based on the video lesson about the Weak Axiom of Revealed Preference (WARP). All answers can be found in the video — no outside knowledge is required.
Test your understanding of the Weak Axiom of Revealed Preference (WARP) by working through the scenarios and questions below. Read each problem carefully and justify your reasoning.
Using an analogy of dating to explain weak axiom of revealed preference. If you prefer Alex to Bob, and I see you hanging out with Bob, that means Alex is not available that day.
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