Really appreciate your effort for this great video with clear explanation. This is my question and I will be glad if you can help me with a clear explanation. Thanks. Consider the following preference relation defined over X = R3+ denoting x = (x1, x2, x3): For x, y ∈ X, x>y if and only if x1 ≥ y1, x2 ≥ y2, and x3 ≥ y3. Does this kind of question also satisfies all the Axioms? * x>y = x is strictly preferred to y (X=R3+ = X is equal to Real numbers)
Suppose that utility maximizing consumer purchases 11 units of X1 and 8 units of X2, with respective prices P1 = 2 and P2 = 1, and he buys 10 units of X1 and 10 units of X2 next time when prices are P1 = 1 and P2 = 2. Prove that this set of choices is not consistent with rational utility maximizing preferences that satisfy all the six axioms of consumer preferences
Amazing video. It's impressively put into words.
Very knowledgeable...
Very informative...please make a video, explaining with graph curves
I love this video
Really appreciate your effort for this great video with clear explanation.
This is my question and I will be glad if you can help me with a clear explanation. Thanks.
Consider the following preference relation defined over X = R3+ denoting x = (x1, x2, x3):
For x, y ∈ X, x>y if and only if x1 ≥ y1, x2 ≥ y2, and x3 ≥ y3.
Does this kind of question also satisfies all the Axioms?
* x>y = x is strictly preferred to y
(X=R3+ = X is equal to Real numbers)
Suppose that utility maximizing consumer purchases 11 units of X1 and 8 units of X2, with respective prices P1 = 2 and P2 = 1, and he buys 10 units of X1 and 10 units of X2 next time when prices are P1 = 1 and P2 = 2. Prove that this set of choices is not consistent with rational utility maximizing preferences that satisfy all the six axioms of consumer preferences