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Question 1: Question 1. (i) Describe what single-peaked preferences mean. (10 marks) (ii) Suppose the utility function of person i is given by: u(x)=100 -

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Question 1. (i) Describe what \"single-peaked preferences\" mean. (10 marks) (ii) Suppose the utility function of person i is given by: u(x)=100 - (x-10)2, where x is the implemented policy. Note, x must be a real number. Which is person fs most preferred policy? Hint: you do not need to differentiate anything. Can one claim that this utility function represents single-peaked preferences? Explain. (20 marks)

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