Raymond's preferences are represented by the utility function U(x, y)= x/y if y 0 and U(x, y)= 0 if y = 0.
A)Raymond has indifference curves that are rectangular hyperbolas.
B)Raymond prefers more of each good to less.
C)Raymond has quasilinear preferences.
D)Raymond has a bliss point.
E)Raymond has indifference curves that are upward-sloping straight lines if y 0.

Question

Raymond's preferences are represented by the utility function U(x, y)= x/y if y > 0 and U(x, y)= 0 if y = 0.
A)Raymond has indifference curves that are rectangular hyperbolas.
B)Raymond prefers more of each good to less.
C)Raymond has quasilinear preferences.
D)Raymond has a bliss point.
E)Raymond has indifference curves that are upward-sloping straight lines if y > 0.

Quizplus · Accepted Answer

The Answer of Raymond's preferences are represented by the utility function U(x, y)= x/y if y > 0 and U(x, y)= 0 if y = 0.
A)Raymond has indifference curves that are rectangular hyperbolas.
B)Raymond prefers more of each good to less.
C)Raymond has quasilinear preferences.
D)Raymond has a bliss point.
E)Raymond has indifference curves that are upward-sloping straight lines if y > 0.

Raymond's Preferences Are Represented by the Utility Function U(x, Y)=