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Questions › UoH › UoH 2021 › Q46
1 mark, −0.33Microeconomics › Consumer preferences and utility › Preference axioms and rationalityModerateabout 1 min

UoH 2021 Question 46: Consumer preferences and utility

Preferences of an individual are represented by the utility function: u(x,y)=1000(10+(x−15)2+(y−20)2)−1u(x,y) = 1000(10+(x-15)^{2} + (y-20)^{2})^{-1}u(x,y)=1000(10+(x−15)2+(y−20)2)−1, x≥0x \geq 0x≥0, y≥0y \geq 0y≥0. Then this utility function,

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Preferences of an individual are represented by the utility function: u(x,y) = 1000(10+(x-15)² + (y-20)²)⁻¹, x ≥ 0, y ≥ 0. Then this utility function, (A) is strictly quasi-concave (B) satisfies non-satiation condition (C) is monotonous increasing (D) is continuous

Also written as: Preferences of an individual are represented by the utility function: u(x,y) = 1000(10+(x-15)^2 + (y-20)^2)^(-1), x >= 0, y >= 0. Then this utility function,

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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