Economics Asked on April 17, 2021
I am really confused between monotonic preferences and strictly monotonic preferences, I saw some video and read certain answer where it is mentioned that the
(source: https://www.learnpick.in/questions/details/11169/what-is-a-monotonic-preference)
whereas when I read this other paper it says
(source: http://www.math.uchicago.edu/~may/VIGRE/VIGRE2008/REUPapers/Shon.pdf)
I am confused as both the answers are quite contradicting as the (first as per sequence I mentioned) says that in strict preferences the consumer more of at least one good but no less of the other.
whereas (second as per sequence I mentioned) says in strict monotonicity we prefer more of both the goods. Also, I am able to understand the graphical representation of the monotonicity.
Please tell me where I am getting it wrong I am really stuck on this.
Thank you.
The word monotonic means "always moving in the same direction", in our case, always going up.
Monotonic preferences mean that the customer always prefers more of a good.
This comes in two flavors:
Correct answer by RegressForward on April 17, 2021
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