1. Construct indifference curves to illustrate all of the following unusual situationsb) The consumer has a preference f...

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Construct indifference curves to illustrate

April 14, 2018

1. Construct indifference curves to illustrate all of the following unusual situations

b) The consumer has a preference for a particular ratio of goods (think of this as the"status quo") so that the indifference curve reflects both the need to be compensated for moving away from the preferred ratio and the normal tradeoff between goods.c) The consumer is addicted to both goods. In other words, the more the consumer has,the more willing she is to give up other goods in exchange for another unit of the good.

d) The good is perfectly divisible, buta consumer values full additional units of the good, but places no additional value for fractional units (e.g. an additional half unit).

2. (Nonstandard dice). The choice set X consists of all possible (fair) dice with a number between 1 and 6 attached to each face. An example of such a die would be x = (2, 2, 4, 5, 6, 6).An agent weakly prefers die x to die y if and only if the probability that x wins over y in a single roll of the dice is at least as large as the probability that y wins over x. Is this preference relation complete and transitive?










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