There are three bundles of the same two goods: $\left(x_{1}, x_{2}\right),\left(\widetilde{x_{1}}, \widetilde{x_{2}}\right),\left(\widehat{x_{1}}, \widehat{x_{2}}\right)$. If $yz$ then $\mathrm{y}$ is preferred to $\mathrm{z}$. If $y \sim z$ then the individual is indifferent between $\mathrm{y}$ and $\mathrm{z}$. Using $\geqslant$ and $\sim$ describe what it means to have complete preferences.

Question

There are three bundles of the same two goods: $\left(x_{1}, x_{2}\right),\left(\widetilde{x_{1}}, \widetilde{x_{2}}\right),\left(\widehat{x_{1}}, \widehat{x_{2}}\right)$. If $y>z$ then $\mathrm{y}$ is preferred to $\mathrm{z}$. If $y \sim z$ then the individual is indifferent between $\mathrm{y}$ and $\mathrm{z}$. Using $\geqslant$ and $\sim$ describe what it means to have complete preferences.

Quizplus · Accepted Answer

The Answer of There are three bundles of the same two goods: $\left(x_{1}, x_{2}\right),\left(\widetilde{x_{1}}, \widetilde{x_{2}}\right),\left(\widehat{x_{1}}, \widehat{x_{2}}\right)$. If $y>z$ then $\mathrm{y}$ is preferred to $\mathrm{z}$. If $y \sim z$ then the individual is indifferent between $\mathrm{y}$ and $\mathrm{z}$. Using $\geqslant$ and $\sim$ describe what it means to have complete preferences.

There Are Three Bundles of the Same Two Goods (x1,x2),(x1~,x2~),(x1^,x2^)\left(x_{1}, x_{2}\right),\left(\widetilde{x_{1}}, \widetilde{x_{2}}\right),\left(\widehat{x_{1}}, \widehat{x_{2}}\right)(x1​,x2​),(x1​​,x2​​),(x1​​,x2​​)

There Are Three Bundles of the Same Two Goods $\left(x_{1}, x_{2}\right),\left(\widetilde{x_{1}}, \widetilde{x_{2}}\right),\left(\widehat{x_{1}}, \widehat{x_{2}}\right)$