ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question 1.
Below are the choices made by Albert, Brittney, and Calvin when choosing from different sets of fruits.
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Albert's choices
Brittney's choices Calvin's choices
Apple, Banana
(1)
(2)
(3)
Apple, Banana
Banana, Pear
Apple, Pear
Apple
Pear
Apple
Pear
Banana
Apple
Banana
Apple
Banana
Apple
Apple
(4) Apple, Banana, Pear
4. Do Brittney's choices violate Axiom a or ß ?
5. Can Calvin's choices be represented by any utility function? If so, find a utility function that
represents his choices. If not, explain why by finding contradictions in the implications of his choices.
6. Do Calvin's choices violate Axiom a or 3?
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Transcribed Image Text:Question 1. Below are the choices made by Albert, Brittney, and Calvin when choosing from different sets of fruits. Menu Albert's choices Brittney's choices Calvin's choices Apple, Banana (1) (2) (3) Apple, Banana Banana, Pear Apple, Pear Apple Pear Apple Pear Banana Apple Banana Apple Banana Apple Apple (4) Apple, Banana, Pear 4. Do Brittney's choices violate Axiom a or ß ? 5. Can Calvin's choices be represented by any utility function? If so, find a utility function that represents his choices. If not, explain why by finding contradictions in the implications of his choices. 6. Do Calvin's choices violate Axiom a or 3?
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