With a high stress job that oversees the public health of a nation, Tony loves to eat pomegranate (qm) and spinach (qs), both rich in anti-oxidants, to keep him healthy. Suppose his preferences for the two goods can be captured by the utility function U(qm, qs) = (qm)^1/3(qs)^2/3 3 . Explain whether each of the following statements is true or false. (a) Tony weakly prefers (27, 1) to (3, 3). (b) Tony likes (27, 1) at least as much as (3, 3). (c) Tony strictly prefers (27, 1) to (3, 3).
With a high stress job that oversees the public health of a nation, Tony loves to eat pomegranate (qm) and spinach (qs), both rich in anti-oxidants, to keep him healthy. Suppose his preferences for the two goods can be captured by the utility function U(qm, qs) = (qm)^1/3(qs)^2/3 3 . Explain whether each of the following statements is true or false. (a) Tony weakly prefers (27, 1) to (3, 3). (b) Tony likes (27, 1) at least as much as (3, 3). (c) Tony strictly prefers (27, 1) to (3, 3).
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 11SQ
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With a high stress job that oversees the public health of a nation, Tony loves to eat
pomegranate (qm) and spinach (qs), both rich in anti-oxidants, to keep him healthy.
Suppose his preferences for the two goods can be captured by the utility function
U(qm, qs) = (qm)^1/3(qs)^2/3
3 . Explain whether each of the following statements is true or
false.
(a) Tony weakly prefers (27, 1) to (3, 3).
(b) Tony likes (27, 1) at least as much as (3, 3).
(c) Tony strictly prefers (27, 1) to (3, 3).
(d) Tony is indifferent between (27, 1) and (3, 3).
(e) Tony weakly prefers (9, 1) to (3, 3).
(f) Tony weakly prefers (3, 3) to (9, 1).
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