Show that if in R² are continuous, highly monotonic preferences then indifference curves (i.e. classes of abstraction of relations ~) are graphs of continuous, decreasing functions from the interval [a, b] to [c, d] (the boundaries of the intervals can also be infinite). Give an example illustrating that continuity is essential.

Show that if in R² are continuous, highly monotonic preferences then indifference curves (i.e. classes of abstraction of relations ~) are graphs of continuous, decreasing functions from the interval [a, b] to [c, d] (the boundaries of the intervals can also be infinite). Give an example illustrating that continuity is essential.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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