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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
Two indifference curves for a given individual cannot cross because the transitivity assumption would be violated.
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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
l generally be strictly convex and negatively sloped, and they cannot cross. These are the only restrictions we place on indifference curve maps. Exhibit 4. Why One Person’s Indifference Curves Cannot Cross Note: <span>Two indifference curves for a given individual cannot cross because the transitivity assumption would be violated. 3.5. Gains from Voluntary Exchange: Creating Wealth through Trade There is no requirement that all consumers have the same preferences. Take the


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