Question: Problem 1 (6 points) Figures 1-6 below depict preference relations of six different people on sets of three or four alternatives. For each decision maker

 Problem 1 (6 points) Figures 1-6 below depict preference relations of

Problem 1 (6 points) Figures 1-6 below depict preference relations of six different people on sets of three or four alternatives. For each decision maker her set of alternatives constitutes the entire domain of choice. In figures alternatives are marked as dots and preferences are marked with arrows (the direction of the arrow corresponds to the direction of the preference); lack of an arrow between two dots means that an individual is indifferent between the two alternatives. Circle the right answer below. Figure 1 Figure 2 Z Y Y W Figure 3 Figure 4 X y Y W Figure 5 Figure 6 X Z y W Y W CIRCLE TRANSITIVE OR NOT TRANSITIVE Preference relation in Figure 1 is transitive not transitive Indifference relation in Figure 1 is transitive not transitive Preference relation in Figure 2 is transitive not transitive Indifference relation in Figure 2 is transitive not transitive Preference relation in Figure 3 is transitive not transitive Indifference relation in Figure 3 is transitive not transitive Preference relation in Figure 4 is transitive not transitive Indifference relation in Figure 4 is transitive not transitive Preference relation in Figure 5 is transitive not transitive Indifference relation in Figure 5 is transitive not transitive Preference relation in Figure 6 is transitive not transitive Indifference relation in Figure 6 is transitive not transitive

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!