of utility levels across individuals Exercise (continued). Suppose there are three options A,B and C. Betty's preference can be represented by Andy's preference is given by AB;BC;AC The following statements compare Andy's and Betty's utility levels. For each of the following statements, write down two utility functions representing Andy's preference, one utility function satisfies the statement and one utility function violates it. i "Andy assigns a higher utility level to A than Betty" ii "Andy has lower utility levels on all options than Betty" iii "Andy's utility level from C is only half of Betty's" iv "When switching from B to A, the increase in Andy's utility level is more than twice the increase in Betty's utility level." The above examples illustrate that any statement comparing different individuals' utility levels is meaningless. of utility levels across individuals Exercise (continued). Suppose there are three options A,B and C. Betty's preference can be represented by Andy's preference is given by AB;BC;AC The following statements compare Andy's and Betty's utility levels. For each of the following statements, write down two utility functions representing Andy's preference, one utility function satisfies the statement and one utility function violates it. i "Andy assigns a higher utility level to A than Betty" ii "Andy has lower utility levels on all options than Betty" iii "Andy's utility level from C is only half of Betty's" iv "When switching from B to A, the increase in Andy's utility level is more than twice the increase in Betty's utility level." The above examples illustrate that any statement comparing different individuals' utility levels is meaningless