Discuss the concept of monotonic preferences
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Divya Gupta 6 years, 8 months ago
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Yogita Ingle 6 years, 8 months ago
Monotonic preferences. Consumer's preferences are monotonic if and only if between two bundles, consumer prefers the bundle which has more of atleast one of the good and not less of other good as compared to other bundles. In other words consumer's preferences are called monotonic when between any two bundles (x1, x2) and (y1, y2), if (x1, x2) has more of at least one of the goods and no less of the other good as compared to (y1, y2) ), the consumer prefers (x1, x2) to (y1, y2)
For example, between two bundles (10, 9) and (9, 9), consumer's preference of bundle (10, 9) to (9, 9) will be called monotonic preference.
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