C. Dan likes to consume x and y in "fixed proportions": twice as much of x as of y. That is, his preferences are such that he (strictly) prefers the bundle (x, y) to the bundle (x', y') if and only if min[y] > min[, y']; otherwise he is indifferent between the two bundles. 1. Draw Dan's indifference curve through the bundle (6,4). 2. Is Dan's preference convex? Is it monotonic? Is it strictly convex? Is it strongly monotonic?

C. Dan likes to consume x and y in "fixed proportions": twice as much of x as of y. That is, his preferences are such that he (strictly) prefers the bundle (x, y) to the bundle (x', y') if and only if min[y] > min[, y']; otherwise he is indifferent between the two bundles. 1. Draw Dan's indifference curve through the bundle (6,4). 2. Is Dan's preference convex? Is it monotonic? Is it strictly convex? Is it strongly monotonic?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.1P

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