Question:

Microeconomics: True False help please?

by  |  earlier

0 LIKES UnLike

True or false? **EXPLAIN**

(i)If X is at least as good as Y and Y is at least as good as Z, then X is strictly preferred to Z.

(ii)For three commodity bundles X, Y and Z if X is at least as good as Y, Y is at least as good as X, and X is strictly preferred to Z, then , then Y is strictly preferred to Z.

(iii)We know the value of two of Jill’s indifference curves, U1 and U2. U1 = 5 and U2 = 7. These two indifference curves must cross

 Tags:

   Report

1 ANSWERS


  1. 1.  x is as great or greater than y.  y is as great or greater than z.  So, if you have a choice between x and y, then x is the better of the two.  If you choose between y and z, y is the better of the two.  So, if you have to choose between x and z.  X is the better of the two because y is better than z, and x is better than y.

    2.  X and Y are the same quality.  So, if one is preferred to Z, then so is the other.

    3.  don't get this question

Question Stats

Latest activity: earlier.
This question has 1 answers.

BECOME A GUIDE

Share your knowledge and help people by answering questions.