Question

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2.1 Representing a preference Consider my preference over bundles (x1,x2), where x0 andx20. You do not know all of nt pairwise comparisons in my preference, but you do know the following: Suppose you also know that my preference is rational, strictly monotonic, and strictly convex Can you infer how my preference compares the following pairs? Explain each one briefly. a) (3,7) versus (1,7), b) (3,7) versus (7,5), c) (1,7) versus (4,6), d) (7,5) versus (5,6) e) (1,7) versus (49,1 inall, f) Draw indifference curves through all of the bundles listed above, in a way that is consistent with my preference

Answer 1