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

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern