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Consider consumption bundles (xi , yi) of two goods, x and y, where i belongs to {A,B, C,D, ...}. John has the following preferences: A
Consider consumption bundles (xi , yi) of two goods, x and y,
where i belongs to {A,B, C,D, ...}.
John has the following preferences:
A is weakly preferred to B if and only if xA+yA is bigger or equal to xB + yB for all A, B
bundle A (xA,yA), BUNDLE B(xB, yB)
Derive the simplest possible utility function that represents these preferences. Show some indifference curves (at least three) in a graph with their utility numbers..
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