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Study of Consumption

What do you m...

Question

What do you mean by 'montonic preferences'?

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Solution

It means that greater consumption of a commodity by the consumer provides a higher level of satisfaction.

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Q. What do you mean by 'monotonic preferences'?

What do you mean by monotonic preferences?

Suppose a consumer’s preferences are monotonic. What can you say about her preference ranking over the bundles (10, 10), (10, 9) and (9, 9)?

Q. Suppose a consumer's preferences are monotonic. What can you say about her preference ranking over the bundles (10, 10), (10, 9) and (9, 9)?

Define monotonic preferences of the consumer.

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