1 What do we mean when we say preferences are Complete? Transitive? What do we mean by Convex Preferences? Show an example of a Strictly Convex preference. Show an example of a Weakly Convex preference. Explain. What do we mean by Monotonic Preferences? Show an example of a Strictly Monotonic preference. Show an example of a Weakly Monotonic preference. Explain. What is the relationship between Preferences and Utility Functions? What is the Marginal Rate of Substitution? Explain what the MRS tells us about a consumer's willingness to exchange goods