Question: Consider only preferences which are complete, symmetric, transitive and monotonic. One of the following points lead to a contradiction and cannot be solved. Identify and explain it and solve the feasible exercises.

(i) Find the convex combination between bundle x= (2,9) and bundle y=(6,1) for t=1/2. Call this bundle z. Clearly state its coordinates

(ii) Draw x, y and z on a graph. Draw also the point h=(7,2). Find an IC such that the consumer is indifferent between x and y, strictly prefer z to x, and is indifferent between z and h

(iii) Find an IC such that the consumer is indifferent between x and y and between x and z

Subject | Mathematics |

Due By (Pacific Time) | 06/09/2013 11:30 pm |

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