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Questions › JNU › JNU SIS 2019 › Q2
0 marksMicroeconomics › Consumer preferences and utility › Utility functions and monotonic transformationsModerateabout 2 min

JNU SIS 2019 Question 2: Consumer preferences and utility

Consider utility functions uuu and vvv of the form: u(x,y)=2x+3yu(x,y) = 2x + 3yu(x,y)=2x+3y; v(x,y)=(x+y)v(x,y) = \sqrt{(x+y)}v(x,y)=(x+y)​. Which of the following statements is true?

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Consider utility functions u and v of the form: u(x,y) = 2x + 3y; v(x,y) = √((x+y)). Which of the following statements is true? (A) utility function u represents preferences in which x and y are perfect substitutes, while utility function v does not (B) utility function v represents preferences in which x and y are perfect substitutes, while utility function u does not (C) x and y are perfect substitutes in both utility functions u and v (D) none of the above

Also written as: Consider utility functions u and v of the form: u(x,y) = 2x + 3y; v(x,y) = sqrt((x+y)). Which of the following statements is true?

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

What this question tests

This question is on Utility functions and monotonic transformations, part of Consumer preferences and utility in Microeconomics.

How ordinal utility represents preferences, and why any monotonic transformation of a utility function represents the same ones.

TestStop has 10 past-paper questions on this subtopic.

Practise Consumer preferences and utilityMore on Utility functions and monotonic transformations

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