ECON 101A Lecture 5: Econ 101A
Document Summary
A preference ( apples relation relation over vs. Convex monotonic if t ) y for any , x , Z 2 for implies x y if 7y and and z then txt c i - out in. [ 0. 1 ] xj > yj for some j implies y in x such that. R ucx ) is u (a) liking of good x ucb ) means. X ey if in x u and represents if only preferences i ucx ) 7 ucy ) if for an. I is rational and continuous there exists a continuous utility function u. If represents preferences b- and if is then fcucx ) ) represents b- as a strictly well increasing preferences are represented from a utility function are rational they. ) = c lxip "t bxiy "m ulxnxz. Utility utility . ( 2 goods xz in.
