hw1_soln

hw1_soln - Solution Homework Assignment 1 Econ 150b...

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Unformatted text preview: Solution Homework Assignment 1 Econ 150b. Intermediate Microeconomics January 24, 2008 1. Blanche Carter devised a system for rating the boys in her economics class. She cares about their intelligence and their looks. She ranks each male on a scale of 1 to 5 for intelligence and 1 to 3 for looks (1 is the lowest). She defines a preference relation as follows: x ” y if boy x scores at least as high as boy y in either looks or in intelligence. Consider the following example of 3 boys x , y and z : x y z intelligence 1 2 2 looks 1 1 2 Are Blanches preferences transitive? Explain. By definition, a preference ” is transitive if x ” y and y ” z then x ” z . Hence, in this case, x ” y means that intelligence of boy x is higher or equal than intelligence of boy y or looks of boy x is higher than looks of boy y . So, we can use the example, x y z intelligence 1 2 2 looks 1 1 2 and we can see that this preference is not transitive. x ” y , y ” z , however x ” z is not true....
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This note was uploaded on 04/11/2008 for the course ECON 150 taught by Professor Eduardofaingold during the Spring '08 term at Yale.

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hw1_soln - Solution Homework Assignment 1 Econ 150b...

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