Question: Economics question 5. Give an example of a preference relation that can be represented by a continuous utility function and a utility function that fails

Economics question 5. Give an example of a preference relation that

Economics question

5. Give an example of a preference relation that can be represented by a continuous utility function and a utility function that fails to be continuous. Show explicitly two utility functions (one of which is continuous and one of which is not continuous) that make your claim true

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Economics question 3. Consider the case of a preference relation (assumed to be a complete continuous preorder) that is not locally nonsatiated (abbreviated as l.n.s. or Ins) at any vector in the...

Kindly show your workings Suppose we have a constant returns to scale production function with capital, labor, and land, X, which is in fixed supply. The production function is: Y = K"[A(t)L(t)18xx...

Economics question 1. Give an explicit example of an economy with two consumers and two commodities having each initial endowment vector equal to (1,1) such that every feasible allocation is Pareto...

Econ 99 the question is okay. 1. First Welfare Theorem Let E pure = (fXi ; i ; eigi2I ) be the standard pure exchange economy with free disposal, where Xi = R L + and i is locally nonsatiated for...

00Intermediate macro Question 3 Consider an economy with 2 factors of production, labor and capital, and 2 produced consump- tion goods, food (goodl) and electricity (good 2). The production...

PLEASE PLEASE EXPLAIN Assumptions [edit | edit source] The consumer theory assumes that the consumer is rational. This implies that his preferences satisfy the following properties: 1. They are...

fkaa There are 3 parts to question it is an article: UK Corporate Governance Code reporting last year, FRC stated that: "Effectively applying the Corporate Governance Code Principles is much more...

1. Which of the following is NOT an assumption about how the preference relations work? a) completeness b) reflexivity c) transitivity d) monotonicity 2. If two indifference curves cross itself this...

The 234rty Describe the Pareto optimum or the set of Pareto optima. Is it unique? Is perfect risk sharing achieved? Why or why not? Answer the same question if the state 2 endowments were 5 for agent...

Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year. She correctly calculated her AGI....

Determine whether each of the following signals is periodic. If the signal is periodic, state its period. (a) x[n] = el\7n/0) (b) x[n] = ei(3xn/4) (c) x[n] = [sin(7n/5)]/(xn) (d) x[n] = el*n/2 %3D %3D

webssign.ret Genguse Learney mes max frica the lone lingander - - GLys Topy Griming - waines ) Solution In both parts ( a ) and ( b ) we need to know 0 f ( x ) d x , we f ( x ) = 1 x 3 , which...

Why is the mobile phone likely to be an ineffective way of reaching potential respondents in America?

How might the business research industry take action to ensure that the public believes that telephone surveys and door-to-door interviews are legitimate activities and that firms that misrepresent...

Comment on the ethics of the following situations: a. A political action committee conducts a survey about its cause. At the end of the questionnaire, it includes a request for a donation. b. A...

Comment on the ethics of the following situations: a. A researcher plans to use invisible ink to code questionnaires to identify respondents in a mail survey designed to get honest opinions from...

What type of research studies lend themselves to the use of e-mail for survey research? What are the advantages and disadvantages of using e-mail?

Among a group of 5 8 programmers, who know either Java or Python or both, 1 5 only know Java and 1 3 only know Python. What is the probability of randomly choosing a programmer who knows both...

2. In this chapter, the reader should reflect on the following concepts: The trimming effect, vision, steady course paradox, bottom line, prisoners dilemma, social dilemma, CI strategy, CCI strategy,...

3. In what way can preconceptions affect what we perceive in new situations?

7. List examples from your everyday situation where using the CI strategy could have provided a better solution in a communication situation than the solutions you chose.