A consumer has preferences over two goods, carrots and turnips, each measured in kilograms. For each of the following scenarios, identify which, if any, of the standard assumptions of preferences are violated. (a) The consumer will never eat more than ten kilograms of carrots per day. (b) The consumer cares only about the total weight of the two vegetables consumed, and always prefers more to less. (c) The consumer cares only about the product of the respective weights of the two vegetables consumed, and always prefers a greater product to a lesser one.
A consumer has preferences over two goods, carrots and turnips, each measured in kilograms. For each of the following scenarios, identify which, if any, of the standard assumptions of preferences are violated. (a) The consumer will never eat more than ten kilograms of carrots per day. (b) The consumer cares only about the total weight of the two vegetables consumed, and always prefers more to less. (c) The consumer cares only about the product of the respective weights of the two vegetables consumed, and always prefers a greater product to a lesser one.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 2SQP
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A consumer has preferences over two goods, carrots and turnips, each measured in kilograms. For each of the following scenarios, identify which, if any, of the standard assumptions of preferences are violated.
(a) The consumer will never eat more than ten kilograms of carrots per day.
(b) The consumer cares only about the total weight of the two vegetables consumed, and always prefers more to less.
(c) The consumer cares only about the product of the respective weights of the two vegetables consumed, and always prefers a greater product to a lesser one.
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