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For the question below, use these symbols correspondingly: Preference relation: ? Strictly preferred to: ? Indifference: ~ Is a subset of: ? i.e. A ?
For the question below, use these symbols correspondingly:
Preference relation: ?
Strictly preferred to: ?
Indifference: ~
Is a subset of: ? i.e. A ? B means A is a subset of B
Please bold things like R (real numbers), R+means positive real numbers, vice versa.
4. The notion of convex preferences is very important in economics, capturing the idea that a consumer likes "balanced" bundles of goods. This question gives you some practice reasoning about convex preferences. For each of the preferences relations YES, 21, 12, _L defined in the previous question, is the relation convex? Justify your answer. (a) YES? (b) z1? (c) -2? (d) zzStep by Step Solution
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