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The document discusses utility functions and indifference curves. It begins by reviewing properties of preferences like completeness, reflexivity, and transitivity. It then introduces utility functions as a way to represent preferences numerically if they satisfy these properties. Utility functions assign a numerical utility level to bundles of goods in a way that preserves the preference ordering. Indifference curves can then be drawn connecting bundles with the same utility level. The document provides ex

Author

anirbanmbe

Language

EN