Economics

posted by .

Suppose the consumer has convex preferences, and we know (2, 4) ~(6, 1). Is
the statement (4,2.5) >=(6, 1) correct? What about the statement (4, 2.5)>
(6, 1)? Suppose now the consumer has strictly convex preferences, and and
we know (2, 4) ~ (6,1). Does any of your answers change?

  • Economics -

    no

  • Economics -

    nio

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. economics

    i need to submitt a project on "consumer awareness in india" so plsss write in detail about:-consumer awareness and its need , role of producers in protecting consumer rights , a case regarding an incident of violation of consumer …
  2. Econ MC

    Suppose that the equilibrium price in the market for widgets is $5. If a law reduced the maximum legal price for widgets to $4, a. consumer surplus would necessarily increase even if the lower price resulted in a shortage of widgets. …
  3. Economics

    As price falls along the elastic portion of a linear demand curve, _______ decrease while _______ increase. Answers. A. only price; quantity demanded , consumer surplus, and consumer expenditures B. consumer surplus and price; quantity …
  4. college-Intermediate Microeconomics

    The Lump Sum Principle In the 1980s Margaret Thatcher was the British Prime Minister. She was very popular and e ective until she pushed for the idea of a so called lump-sum tax. The lump-sum tax is one in which every citizen pays …
  5. college-ECONOMICS

    Most of the preferences we use in class exhibit convexity. What does it imply about the shape of indifference curves?
  6. Math - Game Theory

    Suppose that a decision-maker's preferences can be represented by the expected value of a utility function u. Find another utility function u' whose expected value represents the decision-maker's preferences and assigns a payoff of …
  7. economics

    There are two goods 1 and 2. Denote by (x1; x2) the consumption bundle consisting of x1 units of good 1 and x2 units of good 2. A consumer has preferences that described by the linear utility function: u(x1; x2) = x1 + 2x2: 1. Write …
  8. economics math

    Consider the problem of a rational consumer with an experienced utility function given by 10ln(x)+m and a wealth level W=100. Suppose that the market price for good x is p=$2 per unit. You are asked to analyze the impact on the consumer's …
  9. microeconomics

    Hi, I have to answer the following question: A person with the utility function U(x, y) = y + x^2 has convex preferences, true or false?
  10. Physics 11

    A rose is placed 15.0 cm in front of a convex mirror of focal length 10.0 cm. I assume f= -10cm bc it's convex correct?

More Similar Questions