Suppose that Fiona likes cashews better than almonds and likes almonds better than walnuts. She likes pecans equally well as hazelnuts and prefers hazelnuts to almonds. Can we characterize Fiona’s preferences of being “complete”? Can we characterize them of being “transitive”? Justify your answer.

Suppose that Fiona likes cashews better than almonds and likes almonds better than walnuts. She likes pecans equally well as hazelnuts and prefers hazelnuts to almonds. Can we characterize Fiona’s preferences of being “complete”? Can we characterize them of being “transitive”? Justify your answer.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics

Section20.1: Utility Theory

Problem 2ST

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