Choose the two answer Q2.a)b)c)d)e)f)g)h)Let there be two goods and suppose John has preferences over Rowhich can be represented by the utility function u (x₁, x₂) = min {x₁, 2x2}.Which of the following are true:John's preferences satisfy both transitivity and strong monotonicity.John's preferences violate both transitivity and strong monotonicity.John's preferences satisfy both convexity and strict convexity.John's preferences violate both convexity and strict convexity.John's preferences can also be represented by the utility functionu (x1, x2) = min {4x1,8x2}John's preferences can also be represented by the utility functionu (x1, x2) = min {2x1, x2}John's preferences can also be represented by the utility functionu (x₁, x₂) = = -max {x₁, 2x₂}John's preferences can also be represented by the utility functionu (x₁, x2) = √min {x₁,2x2}

Given utility function U=min{X1,2X2} The given utility function represents the Leontief utility…

Let there be two goods and suppose John has preferences over R20 which can be represented by the utility function u (x₁, x2) = min {x₁,2x2}. Which of the following are true: John's preferences satisfy both transitivity and strong monotonicity. John's preferences violate both transitivity and strong monotonicity.

Let there be two goods and suppose John has preferences over R20 which can be represented by the utility function u (x₁, x2) = min {x₁,2x2}. Which of the following are true: John's preferences satisfy both transitivity and strong monotonicity. John's preferences violate both transitivity and strong monotonicity.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.2P

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