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John likes to have six pens. He doesn't care what colour they are as long as he has six (John is indifferent between 6 red pens, 6 blue pens, 3 red and 3 blue pens, 2 red 2 black and 2 blue pens or any other combination). John prefers any set of six pens to any set of five pens or any set of seven pens. John would prefers a set of six pens to any other set of pens no matter how many pens it contains. Other than that John always prefers more pens to less, and is indifferent to the distribution of colours. Which of the axioms of consumer choice are John's preferences consistent with? Which axioms are John's preferences inconsistent with? Does a utility function over pens exist for [10 John?

Microeconomics, Economics

  • Category:- Microeconomics
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