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Let 1 and 2 be two convex preference orderings over the space R2 of consumption bundles. Assume that these preference orderings are represented by the
Let 1 and 2 be two convex preference orderings over the space R2 of consumption bundles. Assume that these preference orderings are represented by the utility functions u1 and u2, respectively. (a) Define the function v : R2 - R by v(21, X2) = min ful (21, x2), u2(21, 202) } . Is the preference ordering represented by the utility function v convex? (b) Define the function w : R2 - R by w (1, 2) = u1 (1, 2) + u2(21, 202). Is the preference ordering represented by the utility function w convex
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