Academic help online

Academic help online

Marshallian demand must be homogeneous of degree zero in prices and income and, as long as preferences are locally insatiable, must satisfy Walras' law with
equality. Proposition 2.12 maintains that a finite set of demand data is consistent with maximization of locally insatiable preferences if and only if the data satisfy
GARP. Hence satisfaction of GARP must preclude demand that is not homogeneous of degree zero or that fails to satisfy Walras' law with equality. If you like
mathematical puzzles, work out why this is. How is it that satisfaction of GARP rules these things out? (Hint: In the definition of revealed preference preceding
proposition 2.12, what relation is presumed about the superscripts i and j?)

Academic help online

All Rights Reserved, usbestwriters.com
Disclaimer: You will use the product (paper) for legal purposes only and you are not authorized to plagiarize. In addition, neither our website nor any of its affiliates and/or partners shall be liable for any unethical, inappropriate, illegal, or otherwise wrongful use of the Products and/or other written material received from the Website. This includes plagiarism, lawsuits, poor grading, expulsion, academic probation, loss of scholarships / awards / grants/ prizes / titles / positions, failure, suspension, or any other disciplinary or legal actions. Purchasers of Products from the Website are solely responsible for any and all disciplinary actions arising from the improper, unethical, and/or illegal use of such Products.