4. Convexity and optimization Indicate which of the following graphs of various budget constraints (BC) have a nonconvex choice set by checking. the box below the graphs that satisfy this property. Check all that apply. GOOD Y GOOD Y BC 0 0 BC GOOD X GOOD X GOOD Y GOOD Y BC 0 True or False: When the choice set is convex, there can be multiple best bundles. O True O False BC Aa Aa ☐ GOOD X GOOD X Assume that your indifference curves do not represent perfect complements or perfect substitutes, and they satisfy the five main preference assumptions: complete tastes, transitive tastes, monotonicity, convexity, and continuity. Given this information and your choice set, you are trying to determine the best bundle of goods to consume.
4. Convexity and optimization Indicate which of the following graphs of various budget constraints (BC) have a nonconvex choice set by checking. the box below the graphs that satisfy this property. Check all that apply. GOOD Y GOOD Y BC 0 0 BC GOOD X GOOD X GOOD Y GOOD Y BC 0 True or False: When the choice set is convex, there can be multiple best bundles. O True O False BC Aa Aa ☐ GOOD X GOOD X Assume that your indifference curves do not represent perfect complements or perfect substitutes, and they satisfy the five main preference assumptions: complete tastes, transitive tastes, monotonicity, convexity, and continuity. Given this information and your choice set, you are trying to determine the best bundle of goods to consume.
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
Problem 5CQQ
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Convexity and optimization. Indicate which of the following graphs of various budget constraints (BC) have a nonconvex choice set by checking the box below the graph that satisfy this property. check all that apply
Transcribed Image Text:4. Convexity and optimization
Indicate which of the following graphs of various budget constraints (BC) have a nonconvex choice set by checking
the box below the graphs that satisfy this property. Check all that apply.
GOOD Y
GOOD Y
BC
0
BC
GOOD X
GOOD X
GOOD Y
GOOD Y
BC
BC
True or False: When the choice set is convex, there can be multiple best bundles.
O True
O False
Aa Aa B
0
GOOD X
GOOD X
Assume that your indifference curves do not represent perfect complements or perfect substitutes, and they satisfy
the five main preference assumptions: complete tastes, transitive tastes, monotonicity, convexity, and continuity.
Given this information and your choice set, you are trying to determine the best bundle of goods to consume.
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