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1. Consider the following diagram: Product 2 . a O . Product 1 Suppose you only know that a > c and that b _
1. Consider the following diagram: Product 2 . a O . Product 1 Suppose you only know that a > c and that b _ c. (a) Does this ranking satisfy the completeness assumption? (1 point) (b) How should you rank a, b, and c in order to have preferences that satisfy complete- ness, transitivity, and monotonicity? (1 point) (c) Consistent with your answer in (b), draw a set of indifference curves that pass through the three bundles and label them from lowest to highest. (1 point)1. Consider the following diagram: Product 2 . a O . Product 1 Suppose you only know that a > c and that b _ c. (a) Does this ranking satisfy the completeness assumption? (1 point) (b) How should you rank a, b, and c in order to have preferences that satisfy complete- ness, transitivity, and monotonicity? (1 point) (c) Consistent with your answer in (b), draw a set of indifference curves that pass through the three bundles and label them from lowest to highest. (1 point)
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