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Unformatted text preview: HOMEWORK ECONOMICS 200A II. PREFERENCE AND UTILITY THEORY R. R. RUSSELL FALL 2008 1. Prove the following: (a) Reflexivity, transitivity, and connectedness of weak preference imply irreflexivity, tran- sitivity, and asymmetry of strict preference and reflexivity, transitivity, and symmetry of indifference (where the strict-preference and indifference relations are derived from the weak-preference relation, as in the class notes). (b) Irreflexivity, transitivity, and asymmetry of strict preference and reflexivity, transitivity, and symmetry of indifference imply reflexivity, transitivity, and connectedness of weak preference (where the weak-preference relation is derived from the strict-preference and indifference relations, as in the class notes). 2. Draw the indifference curves associated with each of the following situations. (Note that some violate one or more of our assumptions.) Also, put in a budget constraint and identify the optimum....
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This note was uploaded on 07/06/2009 for the course ECON 200a taught by Professor Russell during the Fall '08 term at UC Riverside.
- Fall '08