What is monotonic preference explain with example?

Monotonic preferences would mean that between two bundles the consumer will choose the one where there is at least more of one good and no less of the other. As it would give him higher satisfaction. (2,2)>(1,2) as there is more of one good and no less of the other.

What is monotonic preference answer?

Answer: Monotonic preference means that a rational consumer always prefers more of a commodity as it offers him a higher level of satisfaction. Monotone preferences essentially say that "more" is preferred to "less".

What makes a preference monotonic?

When preferences are monotone / weak monotonic preference , the consumer prefers more of both goods. When preferences are strictly monotone or having strong monotonic preference , the consumer prefers more of one good but no less of the other.

What are monotonic preferences explain why is an indifference curve?

Monotonic preferences means that greater consumption of a commodity by the consumer gives him higher level of satisfaction. (i) Downward sloping from left to right . Indifference curve is a curve showing different combinations of two goods, each combination offering the same level of satisfaction to the consumer.

What is monotonic preference economics?

A monotonic preference means that a rational consumer always prefers more of a good as it offers the consumer a higher level of satisfaction. A consumer may have different preference sets corresponding to the different levels of income.

What is monotonic preference Class 12?

Monotonic preference means that a rational consumer always prefers more of a commodity as it offers him a higher level of satisfaction. 0Thank You. Related Questions. CBSE > Class 12 > Economics. 0 answers.

What are monotonic preferences Why does a higher IC represent higher level of satisfaction?

Higher indifference curve represents a higher level of satisfaction because higher IC means a bundle consisting more of both the goods or same quantity of one good n more quantity of the other good .

What is the meaning of monotonicity?

the condition of being unchanging or unvarying in tone.

What is monotonic preference Class 11th economics?

A monotonic preference means that a rational consumer always prefers more of a good as it offers the consumer a higher level of satisfaction. A consumer may have different preference sets corresponding to the different levels of income.

Rate article