Suppose that Jamie has complete and transitive preferences that satisfy more is better on bundles of two commodities. Suppose that her utility for the bundle (10,10) is 100 and the utility for bundle (x,y) is 200. Then, we know that: O If x is less than 10, then y needs to be greater than or equal to 10. O Both x and y need to be less than 10. O If y is more than 10, then x needs to be less than 10. Both x and y need to be greater than 10. If x is more than 10, then y needs to be more than 10.

Suppose that Jamie has complete and transitive preferences that satisfy more is better on bundles of two commodities. Suppose that her utility for the bundle (10,10) is 100 and the utility for bundle (x,y) is 200. Then, we know that: O If x is less than 10, then y needs to be greater than or equal to 10. O Both x and y need to be less than 10. O If y is more than 10, then x needs to be less than 10. Both x and y need to be greater than 10. If x is more than 10, then y needs to be more than 10.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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