John consumes only two goods: wine (W) and beer (B). The following three bundles bring John the same utility: (2W, 0B), (1W, 1B) and (0W, 2B). John's preferences violate continuity. transitivity. strict convexity. more-is-better.
John consumes only two goods: wine (W) and beer (B). The following three bundles bring John the same utility: (2W, 0B), (1W, 1B) and (0W, 2B). John's preferences violate continuity. transitivity. strict convexity. more-is-better.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 9SQ
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John consumes only two goods: wine (W) and beer (B). The following three bundles bring John the same utility: (2W, 0B), (1W, 1B) and (0W, 2B). John's preferences violate
continuity.
transitivity.
strict convexity.
more-is-better.
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