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2. Preferences and relations: Consider the following examples of relations and evaluate whether each relation is: i: Complete, ii: Reflexive, or iii: Transitive. (a) Pareto

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2. Preferences and relations: Consider the following examples of relations and evaluate whether each relation is: i: Complete, ii: Reflexive, or iii: Transitive. (a) Pareto Improvement: A bundle of goods is a Pareto Improvement over another ($1, 12) > (91, 92) - iff r; 2 y: Vi and I; > y; for at least one i. (b) Lexicographic Preferences: (11, 12) > (y1, y2) if I1 > yl or I1 = y1 & 12 2 yz (c) Strictly greater than: (11, 12) > (11, y2) iff x1 + 12 > y1 + 1/2

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