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Dr. MWG; Problems 1.B.1, 1.B.2, 3.B.1, 3.B.3 Consider preferences defined over the nonnegative orthant by (x1,x2) (y1,y2) if x1 + x2 lt; y1 + y2. Do...

Dr. MWG; Problems 1.B.1, 1.B.2, 3.B.1, 3.B.3 Consider preferences defined over the nonnegative orthant by (x1,x2) (y1,y2) if x1 + x2 < y1 + y2. Do these preferences exhibit local nonsatiation? If these are the only two consumption goods and the consumer faces positive prices, will the consumer spend all of his income?

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