Insufficient condition for preferences to be rational

Assignment Help Business Economics

Reference no: EM13998417

True or False

1. Transitivity is a necessary but insufficient condition for preferences to be rational

2. A bundle with u=10 is preferred exactly twice as much as a bundle with u=5

Reference no: EM13998417

Questions Cloud

What is the slope-is it constant or it depends on x : Let X ∈ [0, 10] and y = f(x) = cx with c > 0. What is the slope of f(x)? Is it constant or it depends on x? What is the value of f(x) when x = 3?

Draw the extensive form of this game : There are three players, labeled 1,2 and 3. At the start of the game, players 1 and 2 simultaneously choose between playing “A” and “B”. If they both choose “A” then the game ends and the payoffs are (1, 0, 0) (the order of payoffs is: player 1, 2 an..

Draw the extensive-form diagram for strategic setting : Draw the extensive-form diagram for the following strategic setting. There are three people: Amy, Bart, and Chris. Amy and Bart each have two cards, one of which has “K” (for King) written on it and the other has “Q” (for Queen) written on it; that i..

Insufficient condition for preferences to be rational : Transitivity is a necessary but insufficient condition for preferences to be rational. A bundle with u=10 is preferred exactly twice as much as a bundle with u=5

Professional sports : Professional sports and big-league cities go hand in hand. Hosting a professional sports franchise is evidence that a city has arrived per-se – that is not simply a large city but a major league city. Moreover, acquiring or retaining professional spo..

Explain the difference between supply and quantity supplied : Explain the difference between “supply” and “quantity supplied.” Draw a graph that shows an increase in supply. Draw a second graph that shows an increase in quantity supplied.

New prison rape elimination act : Sexual violence in jails and prisons has been discussed in the textbook in several chapters. This unit’s required reading also discusses it. Do you think that the new Prison Rape Elimination Act will make an impact in curbing this problem? Does the n..

Definition of the basket of goods and services : What is the best definition of the basket of goods and services included in the consumer price index?

User Account

All Pages