[solved]-Let X R Ziggy S Choice Set Preferences Represented Following Utility Function 11 72 Max Mi Q39662669

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Let X = R$ be Ziggy’s choice set. His preferences are represented by the following utility function (11,72) = max {min (28de), min(h. 27.)) • In a well-labeled and very neat diagram that is at least 1/2 of a blue-book page in size, identify the set of bundles that Ziggy (weakly) prefers to r = (2,1). • Are Ziggy’s preferences strongly monotone? Explain briefly. • Are Ziggy’s preferences convex? Explain briefly. • Is Ziggy’s utility function quasi-concave? Explain briefly. Show transcribed image text Let X = R$ be Ziggy’s choice set. His preferences are represented by the following utility function (11,72) = max {min (28de), min(h. 27.)) • In a well-labeled and very neat diagram that is at least 1/2 of a blue-book page in size, identify the set of bundles that Ziggy (weakly) prefers to r = (2,1). • Are Ziggy’s preferences strongly monotone? Explain briefly. • Are Ziggy’s preferences convex? Explain briefly. • Is Ziggy’s utility function quasi-concave? Explain briefly.

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Answer to Let X = R$ be Ziggy’s choice set. His preferences are represented by the following utility function (11,72) = max {min (… . . .