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2. (50 marks] Explain carefully the statement: "bundle of goods A is direct revealed preferred to bundle of goods B" using an appropriate diagram. Hence, explain the broad approach that is used in Revealed Preference Theory, including its axioms. Using Revealed Preference Theory, demonstrate EACH of the following: (a) [25 marks) The substitution effect is positive for a fall in the own-price of a good. (b) [25 marks] Following a change in the prices of the goods Px and py and income M, such that bundle A = (m ) is chosen on the initial budget constraint pr4x + pyy=M' and bundle B = ( xv) is chosen on the new constraint p, 3x+pByM, if M/M Laspeyres price index then the consumer is better-off at B than A.
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