What is the meaning of monotonic preferences?
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hyy..
An agent's preferences are said to be strongly monotonic if, given a consumption bundle , the agent prefers all consumption bundles that have more of at least one good, and not less in any other good.
hope it helps!!
An agent's preferences are said to be strongly monotonic if, given a consumption bundle , the agent prefers all consumption bundles that have more of at least one good, and not less in any other good.
hope it helps!!
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2
Monotonic preferences means that a rational consumer always prefers more of a commodity as it offers him a higher level of satisfaction .
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