Question
Which of the following is an assumption of Ordinary
Utility Theory?Solution
A key assumption of Ordinary Utility Theory is the rational behaviour of the consumer. This implies that consumers make choices to maximize their utility, given their preferences and budget constraints, and their preferences are complete and transitive.
In the question, assuming the given statements to be true, find which of the conclusion (s) among given three conclusions is /are definitely true and ...
In the question, assume the given statements to be true. Find which of the following conclusion(s) among the three conclusions is/ are definitely true a...
Statements:  B & T, K ⋆ B, S ⋆ K
Conclusions:     a) K ⋆ T                b) S # T
...Statement: M < N; L ≥ U; L ≥ Q; U > N ≥ T
Conclusion:
I. N > Q
II. Q > T
Which of the following will be definitely true if the given expression P > S ≥ U > V = T ≤ W < R = Q is definitely true?
In the question, assuming the given statements to be true, find which of the conclusion (s) among given three conclusions is /are definitely true and t...
Statements: P < Q = S ≥ U; V ≤ P ≥ N > I
Conclusions: I. U < V II. Q > I
...Statements: Â P * R, M & N, R $ M
Conclusions:Â Â Â Â Â a) P @ MÂ Â Â Â Â Â Â Â Â Â Â Â Â b) P $ M
...In the following question the relationship between different elements is given in the statements followed by three conclusions I, II and III. Read the...
Statements: H > S ≥ F = B ≤ U≤ T; E ≤ B ≤ K
Conclusions:I. K > F II. K = F
