aps1 - Intermediate Microeconomics - Wissink BRIEF ANSWERS...

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Intermediate Microeconomics - Wissink BRIEF ANSWERS TO PROBLEM SET #1 1. a. False, the relation "is the half-brother of" is not necessarily transitive. Here’s an example. Suppose Joe and Mary beget Joey; Mary and Fred beget Freddy; and Fred and Jackie beget Jack. Then, Joey is the ½ brother of Freddy and Freddy is the ½ brother of Jack; but Joey is NOT the ½ brother of Jack. b. False, the relation "is the mother of" is not complete over, let's say, a set of people, P . For example, I am not your mother and you are not my mother and we are not each other's mothers, so, the relation is not complete. c. No, they violate the STRICT CONVEXITY assumption. Can’t refer to the notion of monotonicity at all here since you are getting more of one good and less of the other. 2. See last page. 3. a. No. A R B and B R C, but it is not true that A R C. b. No. A I B and B I C, but C P A. c. Yes. Consider a fourth cup D such that A P D. Then, if C P A and A P D then it will always be true that C
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aps1 - Intermediate Microeconomics - Wissink BRIEF ANSWERS...

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