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Monotonic Preference is an assumption that consumers would prefer more rather than less of the goods they consume. If we compare two consumption bundles and one of the bundles has more of all of the goods under consideration, that bundle is preferred by the consumer. For example, if bundle (X1, X2) is 5 cookies and 3 cupcakes and bundle (Y1, Y2) is 7 cookies and 5 cupcakes, the assumption of monotonicity tells us that bundle (Y1,Y2) is the more preferred bundle. This is so because there are more of both goods. This assumption would also hold if (Y1,Y2) contained 5 cookies and 5 cupcakes. In this case, there is the same amount of one good, but there is more of the other good.
Wiki User
∙ 11y ago
Wiki User
∙ 9y agoMonotonic preferences refers to a situation where product A and B are provided but B is preferred. This is under the implication that B is strictly better than A.
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Define monotonic preferences?
Your preferences are said to be monotonic if more is preferred to less
What is monotonic preference?
monotonic preference means that a rational consumer always prefers more of a commodity as it offers him a higher level of satisfaction.
What are the major assumptions of preferences?
there 3 assumptions about preferences 1.completeness 2.reflexive 3.transitive
What is a link between economic wants and preferences?
A link between economic wants and preferences is always the basic needs that are essential for our daily life. Preferences can be made after defining the economic wants and basic needs of the people involved.
How does typical demand curve look like?
Assuming it is the curve of the number of items demanded against the price, it is a downward sloping or monotonic decreasing curve in the first quadrant. This means that, at any point, the curve is going from the top left to the bottom right.
Define monotonic preferences?
Your preferences are said to be monotonic if more is preferred to less
Is nitrogen molecular monotonic or lattice?
Nitrogen (N) is monotonic but nitrogen gas (N2) is molecular.
Are monotonic relationships positive or negative?
They can be either, but not together. y = x and y = -x are both monotonic.
What is monotonic preference?
monotonic preference means that a rational consumer always prefers more of a commodity as it offers him a higher level of satisfaction.
What are some adjectives for the math term function?
Here are some: odd, even; periodic, aperiodic; algebraic, rational, trigonometric, exponential, logarithmic, inverse; monotonic, monotonic increasing, monotonic decreasing, real, complex; discontinuous, discrete, continuous, differentiable; circular, hyperbolic; invertible.
Is a monotonic function a bijection?
No. For example, y = 7 is monotonic. It may be a degenerate case, but that does not disallow it. It is not a bijection unless the domain and range are sets with cardinality 1. Even a function that is strictly monotonic need not be a bijection. For example, y = sqrt(x) is strictly monotonic [increasing] for all non-negative x. But it is not a bijection from the set of real numbers to the set of real numbers because it is not defined for negative x.
How are linear and exponential functions alike?
They have infinite domains and are monotonic.
Monotonic transformation of utility function?
that's not really a question?
Why argon exists as a monotonic atom?
Argon is nonreactive, including with itself.
Is a strictly monotonic function absolutely continuous?
No, they can only be jump continuous.
What is the difference between monotonic and Non-monotonic logic?
Monotonic reasoning is what a knowledge base is of fixed size and can not be updated as in prolog file that is fixed during the clause checking and do not update that automatically but in Non Monotonic reasoning,A Machine got a capability to learn self by getting possible operations on it so when u give some clauses to it ,It does update database if it doesn't create conflicting situations with the database otherwise it would demoted from current set and moved to update set that is not being in use and checked further for its positive clause of fact..
Which series is arranged in order from smallest to largest in size?
A monotonic increasing series.
