Question: The preference relation is convex if and only if the upper preference sets (y) are convex for every y.

The preference relation ≿ is convex if and only if the upper preference sets ≿(y) are convex for every y.

Step by Step Solution

★★★★★

3.47 Rating (183 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Assume is convex Choose any y and let x yThen x y Since is convex this implies that x 1 y ... View full answer

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

Document Format (1 attachment)

Word file Icon

914-M-N-A-O (222).docx

120 KBs Word File

Students Have Also Explored These Related Numerical Analysis Questions!

Q:

A set S is convex if and only if S = aS + (1 - a) S for every 0

Q:

A function f: S is convex if and only if for all f (21x1 + a2x2 + ..+ x, Xn)

Q:

A set is convex if and only if it contains all convex combinations of its elements.

Q:

What does it mean to say a consumer's preference relation is "convex" (resp., "strictly convex", "strictly monotone")? Define each of these 3 precisely. (b) Say the consumer has preferences that are...

Q:

Task.2. 2) If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely A) shift leftward. B) shift rightward. C) become flatter. D) become steeper. 3)...

Q:

Part 1: True-False questions: Answer all questions. Whenever the question concerns a consumption set, assume that C = R2 +. 1. If the price of either good falls, assuming income if xed, the budget...

Q:

Question: Part 1: True-False questions: Answer all questions. Whenever the question concerns a consumption set, assume that C = R2 +. 1. If the price of either good falls, assuming income if xed, the...

Q:

Question one. Chepa's utility function is given by U (x, y) = ln x + 4 ln y. Assume that Chepa has endowments (10, 10) and that Py = 10 throughout the problem. I need help with questions G) and H)...

Q:

For the question below, use these symbols correspondingly: Preference relation: ? Strictly preferred to: ? Indifference: ~ Is a subset of: ? i.e. A ? B means A is a subset of B Please bold things...

Q:

Help with the following questions This Problem set tests the knowledge that you accumulated in the first 4 lectures. It is mostly on the mathematical techniques that we developed, but there is also...

Q:

Solve the system xi'= -0-5, != -22, -0.52; (0) --2 (D =

Q:

Explain the role of leadership and teams in innovation. What is the difference between incremental or radical innovation, and product-related or process-related innovation?

Q:

Which of the following statements is true? Loan contracts are bank debt contracts that generally have longer term to maturity than bond contracts. The longer term nature of loans allows the financial...

Q:

In order to use approved change requests as an input to Control Quality, it is important to a. Have a change management plan b. Update the change log c. Implement recommendations from the CCB d....

Q:

According to Investment Digest ("Diversification and the Risk/Reward Relationship", Winter 1994, 1-3), the mean of the annual return for common stocks from 1926 to 1992 was 15.4%, and the standard...

Q:

Compute a 95% confidence interval for the population mean, based on the sample 10, 12, 13, 14, 15, 16, and 49. Change the number from 49 to 16 and recalculate the confidence interval. Using the...

Q:

The director of admissions at the University of Maryland, University College is concerned about the high cost of textbooks for the students each semester. A sample of 25 students enrolled in the...

Q:

The Stewart Company has $1,402,500 in current assets and $518,925 in current liabilities. Its initial inventory level is $308,550, and it will raise funds as additional notes payable and use them to...

Q:

Exploratory Data Analysis: The following graph shows real data on the weights and ages of a sample of black bears. You may assume the sample is a random sample of a B.C. bear population. Describe...

Q:

You own a 15 year, $1,000 par value bond paying 6 percent interest annually. The market price of the bond is required rate of return 9 percent. Compute the bonds expected late of return. Determine...