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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
A given bundle of two goods is represented as a single point, a, in the two-dimensional graph. Non-satiation allows us to rank-order many, but not all, other bundles, relative to a, leaving some questions unanswered.
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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
e directly below, to the left of, and both below and to the left of bundle a must yield less utility and therefore would be called the “dominated-by-bundle-a” set. Exhibit 1. Showing Preferences Graphically Note: <span>A given bundle of two goods is represented as a single point, a, in the two-dimensional graph. Non-satiation allows us to rank-order many, but not all, other bundles, relative to a, leaving some questions unanswered. To determine our consumer’s preferences, suppose we present a choice between bundle a and some bundle a′, which contains more bread but less wine than a. Non-satiation is n


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