Consider a preference relation on bundles of two goods (x,y) defined as follows: (x,y) is at least as good as (x’,y’) whenever the following is true: either x>x’, or x=x’ and y≥y’-1. Is it transitive?

A preference on the set of real numbers R is represented by U(x)=5×3+100/3. Which of the following utility functions represents the same preference?

Consider a preference relation on bundles of two goods (x,y) defined as follows: (x,y) is at least as good as (x’,y’) whenever the following is true: either x>x’, or x=x’ and y≥y’-1. Is it complete?

A marketing firm is interested in learning about millennials’ preferences on learning experiences. In order to do this, they survey students at a university. They ask them six questions as follows. They consider the following leaning experiences: a traditional class, a flipped course (half of the content is delivered online), and an online class. For each pair of these alternatives, say a and b, they ask the students “is a at least as good as b.” In order to make this operational, they provide the students with a picture in which the three alternatives are depicted as circles with their description next to it. The students are asked to draw arrows between the alternatives whenever the answer to a question is affirmative. That is, if a student finds alternative a is at least as good as alternative b, the student is asked to draw an arrow from the circle with label a to the circle with label b. (No question is a at least as good as a was asked; assume that the answer to each of these trivial questions is affirmative.) Suppose that a student’s answers are as follows: one arrow from the traditional class to the online class and no more arrows.

A marketing firm is interested in learning about millennials’ preferences on learning experiences. In order to do this, they survey students at a university. They ask them six questions as follows. They consider the following leaning experiences: a traditional class, a flipped course (half of the content is delivered online), and an online class. For each pair of these alternatives, say a and b, they ask the students “is a at least as good as b.” In order to make this operational, they provide the students with a picture in which the three alternatives are depicted as circles with their description next to it. The students are asked to draw arrows between the alternatives whenever the answer to a question is affirmative. That is, if a student finds alternative a is at least as good as alternative b, the student is asked to draw an arrow from the circle with label a to the circle with label b. (No question is a at least as good as a was asked; assume that the answer to each of these trivial questions is affirmative.) Suppose that a student’s answer has no arrows.

Luisa has preferences with the indifference map shown in the picture. Then,

A marketing firm is interested in learning about millennials’ preferences on learning experiences. In order to do this, they survey students at a university. They ask them six questions as follows. They consider the following leaning experiences: a traditional class, a flipped course (half of the content is delivered online), and an online class. For each pair of these alternatives, say a and b, they ask the students “is a at least as good as b.” In order to make this operational, they provide the students with a picture in which the three alternatives are depicted as circles with their description next to it. The students are asked to draw arrows between the alternatives whenever the answer to a question is affirmative. That is, if a student finds alternative a is at least as good as alternative b, the student is asked to draw an arrow from the circle with label a to the circle with label b. (No question is a at least as good as a was asked; assume that the answer to each of these trivial questions is affirmative.) No matter what the answers of a student look like, they cannot violate completeness and transitivity at the same time.

A marketing firm is interested in learning about millennials’ preferences on learning experiences. In order to do this, they survey students at a university. They ask them six questions as follows. They consider the following leaning experiences: a traditional class, a flipped course (half of the content is delivered online), and an online class. For each pair of these alternatives, say a and b, they ask the students “is a at least as good as b.” In order to make this operational, they provide the students with a picture in which the three alternatives are depicted as circles with their description next to it. The students are asked to draw arrows between the alternatives whenever the answer to a question is affirmative. That is, if a student finds alternative a is at least as good as alternative b, the student is asked to draw an arrow from the circle with label a to the circle with label b. (No question is a at least as good as a was asked; assume that the answer to each of these trivial questions is affirmative.) Suppose that a student’s answers are as follows: one arrow from the traditional class to the online class, one arrow from the traditional class to the flipped course, and no more arrows.

1) ________ is the assignment of value, or the amount a consumer must give to receive a product.

A coastal surveillance system uses radar to detect incoming ships. The detection capability depends on weather conditions: Clear weather occurs 50% of the time, and the radar successfully detects ships with probability 0.95 Foggy weather occurs 30% of the time, and the radar successfully detects ships with probability 0.70 Stormy weather occurs 20% of the time, and the radar successfully detects ships with probability 0.50 What is the overall probability that an incoming ship is detected by the radar system? Keep three digits