Question: Problem 2. Betty has specific preferences. 1. Use the strict preference and indifference relations ( > and ) to define Betty's weak preference set for
Problem 2. Betty has specific preferences.
1. Use the strict preference and indifference relations ( > and ) to define Betty's weak preference set for bundle (2,3).
2. Betty's preferences are described by the utility function U = x ^ y^. Use Betty's specific utility function to define Betty's weak preference set of bundle (2, 3).
3. It turns out that U(c) = U(xc, yc) = xc^ yc^ = 35. Use the number 35 to define Betty's weak preference set of bundle c.
4. Express (2, 3) c using the weak preference relation (> )
5. Express b > c using Betty's weak preference sets.
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