Ordinal utility question
Dear student
Assuming Consumer have monotonic preference.
Monotonic preference refers to a situation where the consumer prefers a bundle which has more of every good
According to this the most preferred bundle is (6,7)
Consumer's second most preferred bundle would be (5,5)
Then Last would be (4,5)
The first combination offers higher level of satisfaction over others , Consumer must prefer it over others
Regards,
Assuming Consumer have monotonic preference.
Monotonic preference refers to a situation where the consumer prefers a bundle which has more of every good
According to this the most preferred bundle is (6,7)
Consumer's second most preferred bundle would be (5,5)
Then Last would be (4,5)
The first combination offers higher level of satisfaction over others , Consumer must prefer it over others
Regards,