Question: Properties of u() Given a utility function u() representing the preference relation the following conditions hold: (i) x y u(x) > u(y) (ii) x

Properties of u(·) Given a utility function u(·) representing the preference relation the following conditions hold: (i) x ≻ y ⇔u(x) > u(y) (ii) x ~ y ⇔ u(x) = u(y)

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