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Consider a decisionmaker who is choosing how many apples to buy. His choice set is {0, 1, 2, 3, 4, 5, 6} (the store has only 5 apples). (a) Suppose the decisionmaker always wants as many apples as possible. Find a utility function that represents this preference. (b) Suppose the decisionmaker always wants as few apples as possible. Find a utility function that represents this preference. (c) (A bit trickier) Suppose the decisionmaker’s ideal number of applies is 3, and he is indifferent between m < 3 apples and 6 − m. Find a utility function that represents this preferences.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91421137

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