Given below are two statements : Statement-I: Let (x 1 , x 2 ) be the chosen bundle when prices are (p 1 , p 2 ) and let (y 1 , y 2 ) is some other bundle such that p 1 x 1 +p 2 x 2 ≥ p 1 y 1 + p 2 y 2 . Then if the consumer is choosing the most preferred bundle she can afford, we must have (x 1 , x 2 )(x 1 ,x 2 ). Statement-II: If one bundle is chosen when another could have been chosen, we can say that the first bundle is revealed preferred to the second. In the light of the above statements, choose the correct answer from the options given below:

Question

Given below are two statements : Statement-I: Let (x 1 , x 2 ) be the chosen bundle when prices are (p 1 , p 2 ) and let (y 1 , y 2 ) is some other bundle such that p 1 x 1 +p 2 x 2 ≥ p 1 y 1 + p 2 y 2 . Then if the consumer is choosing the most preferred bundle she can afford, we must have (x 1 , x 2 )>(x 1 ,x 2 ). Statement-II: If one bundle is chosen when another could have been chosen, we can say that the first bundle is revealed preferred to the second.  In the light of the above statements, choose the correct answer from the options given below:

cdquestions Admin · Accepted Answer

The correct answer is (A) : Both Statement I and Statement II are true.

Answer

Both Statement I and Statement II are true

Answer

Both Statement I and Statement II are false

Answer

Statement I is true but Statement II is false

Answer

Statement I is false but Statement II is true

List-I	List-II (Adverbs)
(A) P(exactly 2 heads)	(I) \(\frac{1}{4}\)
(B) P(at least 1 head)	(II) \(1\)
(C) P(at most 2 heads)	(III) \(\frac{3}{4}\)
(D) P(exactly 1 head)	(IV) \(\frac{1}{2}\)

LIST-I(EVENT)	LIST-II(PROBABILITY)
(A) The sum of the number is greater than 11	(i) 0
(B) The sum of the number is 4 or less	(ii) 1/15
(C) The sum of the number is 4	(iii) 2/15
(D) The sum of the number is 4	(iv) 3/15

The Correct Option is A

Solution and Explanation

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