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Economics:

10th Edition
BOYES + 1 other
ISBN: 9781285859460

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BuyFindarrow_forward

Economics:

10th Edition
BOYES + 1 other
ISBN: 9781285859460
Textbook Problem

Use these combinations for parts a and b:

  1. 1f more is preferred to less, which combinations are clearly preferred to other combinations? Rank the combinations in the order of preference.
  2. b. Some clothes-food combinations cannot be clearly ranked. Why not?

To determine

(a)

To rank: the given combinations in the order of preference.

Explanation

1st preference is "I" as both goods are more.

2nd preference is F and H, as 5 goods in total for each combination.

3rd preference is C, E and G, as 4 goods in each combination.

4th preference is B and D as 3 goods in total for each combination.

5th preference is A as lowest combination of goods is given.

To determine

(b)

Combinations which cannot be ranked along with the reason.

Explanation

2nd preference: F and H, 5 goods are given for each combination.

3rd preference: C, E and G, 4 goods are given for each combination.

4th preference: B and D, 3 goods are given for each combination.

A consumer is indifferent for the respective combinations in each preference as there is no information given about price and utility.

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