'Convex preferences' presentation slideshows

Chapter Three

790 views • 54 slides

Chapter Three

Chapter Three. Preferences . Rationality in Economics. Behavioral Postulate : An economic decisionmaker always chooses her most preferred alternative from the set of available alternatives. It is necessary to model the preferences of decisionmakers. Preference Relations.

431 views • 33 slides

Chapter 2

Chapter 2. Consumers and Their Preferences. Figure 2.1 The Consumption Possibility Set. Figure 2.2 A Convex Set. Figure 2.3 The Economically Feasible Consumption Set: Time Constraints. Figure 2.4 The Economically Feasibly Consumption Set: Income Constraints.

335 views • 22 slides

Preferences

Preferences. Preference Relation . The consumer strictly prefers bundle X to bundle Y: The consumer is indifferent between X and Y:. Weak Preference. If or Then: . How are the relations related?. Q: What do these two relations imply?. How are the relations related?.

376 views • 21 slides

Preferences

Preferences. Preference Relation . The consumer strictly prefers bundle X to bundle Y: The consumer is indifferent between X and Y:. Weak Preference. If or Then: . How are the relations related?. Q: What do these two relations imply?. How are the relations related?.

328 views • 21 slides

Intermediate Microeconomics

Intermediate Microeconomics. Preferences. Consumer Behavior. Budget Set organizes information about possible choices available to a given consumer. Next step is to determine how a consumer will choose among the bundles available in his or her budget set.

405 views • 14 slides