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If the consumer thinks that (x₁,x2) is at least as good as (y₁.42) and that (y₁y2) is at least as good as (x₁,x2), we can conclude that

If the consumer thinks that (x₁,x2) is at least as good as (y₁.42) and that (y₁y2) is at least as good as (x₁,x2), we can conclude that

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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If the consumer thinks that (x₁,x2) is at least as good as (y₁.42) and that (y₁y2) is at least as good as (x₁,x2), we can conclude that (look at the following options)
(y,42) 2 (X1,x2) (Xpx2) > (Y,42)
Transcribed Image Text:(y,42) 2 (X1,x2) (Xpx2) > (Y,42)
Mixture bundles (say Z) can be either strictly preferred, less preferred or equally preferred to a component bundle (X or Y) At least one mixture bundle (say Z) is equally preferred to a component bundle (X or Y)
Transcribed Image Text:Mixture bundles (say Z) can be either strictly preferred, less preferred or equally preferred to a component bundle (X or Y) At least one mixture bundle (say Z) is equally preferred to a component bundle (X or Y)
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