monotonic preference means that a rational consumer always prefers more of a commodity as it offers him a higher level of satisfaction.
Your preferences are said to be monotonic if more is preferred to less
A monotonic transformation does not change the overall shape of a function's graph, but it can stretch or compress the graph horizontally or vertically.
A monotonic transformation does not change the preferences represented by a utility function. It only changes the scale or units of measurement of the utility values, but the ranking of preferences remains the same.
Monotonic transformations do not change the relationship between variables in a mathematical function. They only change the scale or shape of the function without altering the overall pattern of the relationship.
A monotonic transformation is a mathematical function that preserves the order of values in a dataset. It does not change the relationship between variables in a mathematical function, but it can change the scale or shape of the function.
Your preferences are said to be monotonic if more is preferred to less
In monotonic preferences, individuals consistently prefer more of a good to less of it. A convex curve indicates diminishing marginal utility, where each additional unit of the good provides less satisfaction. This reflects that as individuals have more of the good, the increase in satisfaction from each additional unit decreases.
They can be either, but not together. y = x and y = -x are both monotonic.
A monotonic transformation of a utility function preserves the preference ordering of alternatives while changing the numerical values of the utility. It involves multiplying or adding a constant to the original utility function without altering the relative ranking of choices. This transformation does not affect decision-making outcomes but can simplify calculations and analysis.
A monotonic transformation does not change the overall shape of a function's graph, but it can stretch or compress the graph horizontally or vertically.
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.
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.
They have infinite domains and are monotonic.
No, they can only be jump continuous.
Argon is nonreactive, including with itself.
A monotonic transformation does not change the preferences represented by a utility function. It only changes the scale or units of measurement of the utility values, but the ranking of preferences remains the same.
A monotonic increasing series.