Question: 2. Consider the following preference relation defined in X = R. A bundle ($1.29) is weakly preferred to another bundle (y1 - y2), i.e., (301,

2. Consider the following preference relation defined in X = R. A bundle ($1.29) is weakly preferred to another bundle (y1 - y2), i.e., (301, 39) (91: y2), if and only if min {3x1 +222 221 +3x2} 2 min {341 +242 241 + 3y2} (a) For any given bundle (y1, y2), draw the upper contour set, the lower contour set, and the indifference set of this preference relation. Interpret. (b) Check if this preference relation satisfies: (i) completeness, (ii) transitivity, and (iii) weak convexity. Notice: use a bundle (2,1)| 2. Consider the following preference relation defined in X = R. A bundle ($1.29) is weakly preferred to another bundle (y1 - y2), i.e., (301, 39) (91: y2), if and only if min {3x1 +222 221 +3x2} 2 min {341 +242 241 + 3y2} (a) For any given bundle (y1, y2), draw the upper contour set, the lower contour set, and the indifference set of this preference relation. Interpret. (b) Check if this preference relation satisfies: (i) completeness, (ii) transitivity, and (iii) weak convexity. Notice: use a bundle (2,1)|
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