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ECON 2150 – CHAP 3.docx

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Department
Economics
Course
Economics 2150A/B
Professor
Irene Trela
Semester
Fall

Description
ECON 2150 – CHAP 3 Assumptions about consumer preferences 1. preferences are complete  able to rank any 2 baskets 2. preferences are transitive  can make choices consistent with each other 3. more is better Ordinal and Cardinal Ranking  ordinal ranking  give info about order in which consumer ranks basket   eg. consumer buys 3x as much in basket A than D 
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