Monday, 31 October 2011
Saturday, 22 October 2011
Ref: CONSUMER THEORY (Microeconomics)-The Ordinal Utility Approach (An Outline)
Erratum: The word "smooth" is to be inserted (see the word in bold letters).
(page3)..... the seven axioms above generate an Indifference Map consisting of
infinite number of downward sloping, convex to the origin, disjoint and smooth ICs in the
1st quadrant, with not a single point left out. Higher ICs indicate higher ranks. This
completes the diagrammatic description of preference of the representative7 consumer.
(page3)..... the seven axioms above generate an Indifference Map consisting of
infinite number of downward sloping, convex to the origin, disjoint and smooth ICs in the
1st quadrant, with not a single point left out. Higher ICs indicate higher ranks. This
completes the diagrammatic description of preference of the representative7 consumer.
Thursday, 20 October 2011
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