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Preferences: Suppose Wendy consumes 10 sandwiches and 10 cups of coffee over a week. Her utility at the end of the week is equal to
Preferences: Suppose Wendy consumes 10 sandwiches and 10 cups of coffee over a week. Her utility at the end of the week is equal to 10. Now suppose Amanda consumes the same bundle, but her utility at the end of the week is 20. Can we say that as happy as Wendy's? Why or Why not. Alex prefers 3 slices of cake to 4 slices, 4 slices, of cake to 5 slices, and 3 slices of cake to 5 slices. What is strange about Alex? Are Alex's preferences transitive? Is Alex an irrational consumer? Explain your answer briefly
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