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Questions › JNU › JNU SSS 2012 › Q62
1 mark, −0.25Microeconomics › Consumer preferences and utility › Utility functions and monotonic transformationsEasyabout 1 min

JNU SSS 2012 Question 62: Consumer preferences and utility

Which of the following represents the same preferences as U(x1, x2)=min⁡{x1, x2}+max⁡{x1, x2}U(x_1,\ x_2) = \min \{x_1,\ x_2\} + \max \{x_1,\ x_2\}U(x1​, x2​)=min{x1​, x2​}+max{x1​, x2​} where x1, x2≥0x_1,\ x_2 \geq 0x1​, x2​≥0?

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Plain-text version

Which of the following represents the same preferences as U(x₁, x₂) = min {x₁, x₂} + max {x₁, x₂} where x₁, x₂ ≥ 0? (A) x₁ + x₂ (B) x₁ × x₂ (C) max {x₁, x₂} (D) None of the above

Also written as: Which of the following represents the same preferences as U(x_1, x_2) = min {x_1, x_2} + max {x_1, x_2} where x_1, x_2 >= 0?

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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Question from the JNU SSS 2012 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.