Axioms of Consumer Preferences

[@TrishaKumari9]

Amazing video. It's impressively put into words.

[@jadecaintic7068]

Very knowledgeable...

[@hadiqafarooq4815]

Very informative...please make a video, explaining with graph curves

[@aterekehinde5978]

Really appreciate your effort for this great video with clear explanation. This is my question and I will be glad if you can help me with a clear explanation. Thanks. Consider the following preference relation defined over X = R3+ denoting x = (x1, x2, x3): For x, y ∈ X, x>y if and only if x1 ≥ y1, x2 ≥ y2, and x3 ≥ y3. Does this kind of question also satisfies all the Axioms? * x>y = x is strictly preferred to y (X=R3+ = X is equal to Real numbers)

[@ridor3664]

I love this video

[@gechmery]

Suppose that utility maximizing consumer purchases 11 units of X1 and 8 units of X2, with respective prices P1 = 2 and P2 = 1, and he buys 10 units of X1 and 10 units of X2 next time when prices are P1 = 1 and P2 = 2. Prove that this set of choices is not consistent with rational utility maximizing preferences that satisfy all the six axioms of consumer preferences