Show these preferences are consistent and transitive

Assignment Help Business Economics
Reference no: EM13831336

A person has a choice between only the following bundles: (1,1), (2,2) (3,3) (1,2) (1,3) (3,2) (3,1) (2,1) (2,3). The person’s preferences are that they prefer the bundle that has a bigger number when the x coordinate is divided by the y coordinate. They are indifferent to bundles that get the same number for this calculation.

a) Show these preferences are consistent and transitive

b) Show these preferences violate non- satiation.

Reference no: EM13831336

Questions Cloud

Transition from a higher energy shell : An electron would not be able to transition from a higher energy shell to a lower energy shell when: A- the shape of the shell is non-spherical B- the atom is a heavy isotope C- the shell contains 2n2 electrons D- the shell has two sets of paired ele..
What are the effects of this decrease in wealth : Suppose a stock market crash makes people feel poorer. What are the effects of this decrease in wealth?
Liquidity-preference and the classical theories : What is the variable that balances the money demand and supply in the liquidity-preference and the classical theories?
Transactions involve spot exchange-vertical integration : Determine whether the following transactions involve spot exchange, contracts, or vertical integration. Explain.
Show these preferences are consistent and transitive : A person has a choice between only the following bundles: (1,1), (2,2) (3,3) (1,2) (1,3) (3,2) (3,1) (2,1) (2,3). The person’s preferences are that they prefer the bundle that has a bigger number when the x coordinate is divided by the y coordinate. ..
Depreciation expense is reported for a not-for-profit : Depreciation expense is reported for a not-for-profit organization's equipment and furniture.
Temporary decrease in the availability of raw materials : What is the effect of bad weather for farming or some other temporary decrease in the availability of raw materials?
Most likely to happen in the short run : Which of the following is most likely to happen in the short run?
Prepare a post-closing trial balance : Prepare a post-closing trial balance. Be sure to list the items in order of their liquidity, starting with Assets, Liabilities and then Owner's Capital. If an amount box does not require an entry, leave it blank.

Reviews

Write a Review

Business Economics Questions & Answers

  With the goal of reducing cigarette consumption

the government limits the amount of land that can be devoted to tobacco production. Are these two programs at odds with the goal of reducing cigarette consumption

  Elucidate how a societys social values influence

Converse Elucidate how a society's social values influence the provision of also payment for health services.

  Typical policy will pay the replacement cost

A typical policy will pay the replacement cost of $2500 if the boat is a total loss.

  Market price method of allocating scarse airline seats

On March 31, 2008, Hawaii lost 15 percent of its air service as aloha airlines and the cheap-flight airline ATA suddenly shut down. Stranded travellers were offered flights to west coast cities $1000 one way. Under what conditions the $1000 fare woul..

  Considers a consumer who suddenly changes

Considers a consumer who suddenly changes her preferences with regard to air travel,

  What might have caused those advertisers expenditures

Look at those whose advertising went down by double digits from the prior year. Speculate about what might have caused those advertisers' expenditures to decline.

  What is the maximum stock level

Consider an initial stock of 5000 tons of high grade ore. The demand function for this ore is P = 2400 – 0.2Q (Q is measured in tons/year), and the cost of extraction is constant at c = $200/ton. The discount rate is r = 0.10. What is the maximum sto..

  Positive mental state is not essential for well being-coping

To enrich an experience, we can pay attention to what ways an experience is new to you, such as previously overlooked nuances in gratitude. According to Hansen, being able to access a positive mental state is NOT essential for well being and coping.

  What price maximizes profits

Your company has a customer who is shutting down a production line, and it is your responsibility to dispose of the extrusion machine. The company could keep it in inventory for possible future product and estimates that the reservation price – the v..

  Percent short of producing the profit maximizing output

Assume that Densa Inc. falls 10 percent short of producing the profit maximizing output. Would a higher product price lead to greater output

  Market changes affect the demand for resources

How markets allocate resources. Derived demand is the change in demand due to a result initiated in another market. Market changes affect the demand for resources in related markets. For the following scenario, you are given a list of products.

  Presently the theater advertises 125 times per week

where P represents price and A is the number of weekly advertisements. Presently the theater advertises 125 times per week. Assuming this is the only theater in town, and its marginal cost, MC, is equal to zero,

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd