Answered: 8. Show that if strict preferences >…

8. Show that if strict preferences > over three outcomes x, y and z, do not satisfy transitivity, so that x > y > z > x, then these preferences cannot be represented by a utility function.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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8. Show that if strict preferences > over three outcomes x, y and z, do not satisfy transitivity, so that
x > y > z > x, then these preferences cannot be represented by a utility function.

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