3. (a) Is the lexicographic preference complete and transitive? Explain. (b) Is the lexicographic preference convex? Explain. (c) For the lexicographic preference on R, find a demand bundle for all (p, w) E R", x R,4.
3. (a) Is the lexicographic preference complete and transitive? Explain. (b) Is the lexicographic preference convex? Explain. (c) For the lexicographic preference on R, find a demand bundle for all (p, w) E R", x R,4.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:3. (a) Is the lexicographic preference complete and transitive? Explain.
(b) Is the lexicographic preference convex? Explain.
(c) For the lexicographic preference on R2, find a demand bundle for all (p, w) E
Rit
x R++-
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