"I would rather spend all my time in the country or all in the town, rather than divide myself between the two". Does the above remark represent convex preference ordering?
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1 mark, −0.33MicroeconomicsConsumer preferences and utilityMarginal rate of substitution and convexityModerateabout 1 min
UoH 2010 Question 34: Consumer preferences and utility
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Consumer preferences and utility has come up 93 times in 7 exams since 2007.
What this question tests
This question is on Marginal rate of substitution and convexity, part of Consumer preferences and utility in Microeconomics.
The rate at which a consumer trades one good for another, and why it diminishes along a convex indifference curve.
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