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Questions › DSE › DSE 2010 › Q16
1 markMicroeconomics › Consumer preferences and utility › Preference axioms and rationalityHardabout 4 min

DSE 2010 Question 16: Consumer preferences and utility

Consider a binary relation ⪰\succeq⪰ on A={x,y,z}A=\{x,y,z\}A={x,y,z}. Define ≻\succ≻ and ∼\sim∼ by: a≻ba\succ ba≻b iff a⪰ba\succeq ba⪰b and not b⪰ab\succeq ab⪰a; a∼ba\sim ba∼b iff a⪰ba\succeq ba⪰b and b⪰ab\succeq ab⪰a. Suppose x≻yx\succ yx≻y, y∼zy\sim zy∼z and x∼zx\sim zx∼z. Then

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Consider a binary relation ⪰ on A={x,y,z}. Define ≻ and ~ by: a≻ b iff a⪰ b and not b⪰ a; a~ b iff a⪰ b and b⪰ a. Suppose x≻ y, y~ z and x~ z. Then (A) ≻ is transitive (B) ~ is transitive (C) both ≻ and ~ are transitive (D) we cannot conclude anything about the transitivity of ≻ and ~

Also written as: Consider a binary relation >-= on A={x,y,z}. Define >- and ~ by: a>- b iff a>-= b and not b>-= a; a~ b iff a>-= b and b>-= a. Suppose x>- y, y~ z and x~ z. Then

Consumer preferences and utility has come up 93 times in 7 exams since 2007.

What this question tests

This question is on Preference axioms and rationality, part of Consumer preferences and utility in Microeconomics.

The assumptions that make preferences well behaved: completeness, transitivity, monotonicity, continuity and convexity.

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Question from the DSE 2010 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.