Knowing that Caesar's preferences over apples (X) and oranges (Y) can be represented by the utility function U = 2X0.5y0.5, select the correct option about the bundles on the graph: ORANGES A A C D B E APPLES Caesar's ranking is, definitely, E>D> C>A-B. O Caesar's ranking is, possibly, E>A-B>D>C. O We do not have enough information to know how Caesar ranks these bundles. O A and C might be on the same indifference curve.
Knowing that Caesar's preferences over apples (X) and oranges (Y) can be represented by the utility function U = 2X0.5y0.5, select the correct option about the bundles on the graph: ORANGES A A C D B E APPLES Caesar's ranking is, definitely, E>D> C>A-B. O Caesar's ranking is, possibly, E>A-B>D>C. O We do not have enough information to know how Caesar ranks these bundles. O A and C might be on the same indifference curve.
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.7P
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