Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 4. Show that the first definition of continuity implies the second one. 1. Definition 1. A preference relation >= (this is curly, nor greater

Problem 4. Show that the first definition of continuity implies the second one. 1. Definition 1. A preference relation >= (this is curly, nor greater than or equal to) on X =Rn is continuous if for any two sequences {x_k}k=1,2,... and {y_k}k=1,2,... of X such that lim k {x_k} = x* and limk {y_k} = y* , if x_k >= y_k for each k, then x* >= y* .

2. Definition 2. A preference relation >= on X = Rn is continuous if for any x X, U(x) = {y X : y >= x} and L(x) = {y X : x >= y} are closed sets. Problem 5. Suppose >= on X = R2 + is rational, continuous, and monotonic.

1. Show that for any x X, I(x) = U(x) L(x) = {y X : x y} is closed.

2. Show that for any x X, there exists R such that x (, 2 ).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Economics

Authors: Bradley Schiller

7th Edition

0073375802, 9780073375809

More Books

Students also viewed these Economics questions