We assume that the representative consumer's preferences exhibit the properties that more is always preferred to less and that the consumer does not like diversity in his or her consumption bundle. each consumer has one strictly preferred good and that consumption and leisure are both normal goods. more is always preferred to less and that each consumer has one strictly favourite good. consumption and leisure are both normal goods and that the consumer likes diversity in his or her consumption bundle.

We assume that the representative consumer's preferences exhibit the properties that more is always preferred to less and that the consumer does not like diversity in his or her consumption bundle. each consumer has one strictly preferred good and that consumption and leisure are both normal goods. more is always preferred to less and that each consumer has one strictly favourite good. consumption and leisure are both normal goods and that the consumer likes diversity in his or her consumption bundle.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.9P

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