3. Manhola has the following rational preferences over cars: • She prefers Cadillac to Audi • She is indifferent between Bentley and Cadillac • She thinks Audi is at least as good as Daewoo
3. Manhola has the following rational preferences over cars: • She prefers Cadillac to Audi • She is indifferent between Bentley and Cadillac • She thinks Audi is at least as good as Daewoo
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.3P
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![3. Manhola has the following rational preferences over cars:
• She prefers Cadillac to Audi
• She is indifferent between Bentley and Cadillac
• She thinks Audi is at least as good as Daewoo
(a) Re-write the three statements above using the preference operator notation from class
(e.g., 2), and indicating each car by its initial letter.
(b) Write down two examples of utility functions that represent these preferences.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd60f585d-87a6-4fdd-a219-da1260d62911%2F3aabfba7-9d4d-4730-aa8b-e6385b986988%2Fvvv04vl_processed.png&w=3840&q=75)
Transcribed Image Text:3. Manhola has the following rational preferences over cars:
• She prefers Cadillac to Audi
• She is indifferent between Bentley and Cadillac
• She thinks Audi is at least as good as Daewoo
(a) Re-write the three statements above using the preference operator notation from class
(e.g., 2), and indicating each car by its initial letter.
(b) Write down two examples of utility functions that represent these preferences.
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