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Which of the statements are true? i. tangency is a necessary condition for optimal choice ii. in general, tangency is not a sufficient condition for optimality
Which of the statements are true? i. Tangency is a necessary condition for optimal choice ii. In general, tangency is not a sufficient condition for optimality ii. For convex preferences, tangency is a sufficiernt condition for optimal choice iv. All of the above Choices RESPONSE CHOICE (4) a. Only iv b. i and iii C. i, ii and iii d. Only ii
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Nidhi taparia Best Answer
Firstly, I am going to answer this question through the options i, ii, iii, and iv, because there is a mistake in the a., b., c., and d. options. Option i is definitely true because tangency is a necessary condition for optimality. Option ii is also true because tangency is a necessary condition not a sufficient one in general. Option iii is also true. When preferences are convex, tangency is a sufficient condition.