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A consumer has a choice of spending $13000 on a Honda or $9000 on a Subaru She is observed buying the Subaru. Does this mean the consumer prefers the Subaru Explain

A consumer has a choice of spending $13,000 on a Honda or $9,000 on a Subaru. She is observed buying the Subaru. Does this mean the consumer prefers the Subaru? Explain your answer in terms of utility theory, revealed preference, and the budget constraint.

May 15 2020 View more View Less

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