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Unformatted text preview: B. p 2 rising C. both p 1 falling & p 2 rising D. both p 1 falling & p 2 falling E. all of the above Microeconomic Analysis Econ 100A Lecture 2 – January 20th Prof. Sarah Reynolds We know that (1,1,1,1) ~ (1,1,1,2) To violate monotonicity which of the following preference relationships must also hold? A (1,1,1,1) ~ (1,1,1,2) A. (1,1,1,1) (1,1,1,2) B. (1,1,1,2) ~ (1,1,1,1) C. Not (1,1,1,2) ~ (1,1,1,1) D. None of the above – it is never violated E. All of the above (except D) – it is always violated Using the convexity assumption, we just derived a set of points that is preferred to A & B. Now applying monotonicity as well, what is the new set of points that is preferred to A & B? A. B. C. D....
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This note was uploaded on 09/11/2011 for the course ECON 100A taught by Professor Woroch during the Spring '08 term at Berkeley.
 Spring '08
 Woroch

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