Monica Asked a Question
May 29, 2020 1:49 pmpts 30 pts
Doubts: - Upper contour set Indifference curve -what is meant by preference in two dimensions -within the above concepts what this function is explaining P(y) ={x in X: x>=y}
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  • Nidhi taparia
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  • Nidhi taparia thankyou
    As far as "preferences in two dimensions" is concerned, you can think of it this way that when we study Marshallian / cardinal utility analysis, we are concerning with preference i...
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  • Nidhi taparia Best Answer
    An upper contour set is nothing but the most preferable set. In the image, the highest indifference curve is the upper contour set, in the sense that all the combinations it shows...
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