What is monotonic preference Class 12? - Promautengineeringsolutions

Monotonic preferences means the consumer preferences are such that greater consumption of a commodity always offers him a higher level of satisfaction.

What is monotonic preference in economics class 12?

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 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 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 does the word monotonic mean?

Definition of monotonic 1 : characterized by the use of or uttered in a monotone She recited the poem in a monotonic voice. 2 : having the property either of never increasing or of never decreasing as the values of the independent variable or the subscripts of the terms increase.

What is monotonic preference 2nd PUC?

What do you mean by monotonic preferences? . Answer: When a rational consumer always prefers more of the product which gives him higher level of satisfaction, it is called Monotonic Preferences.

What is monotonic in economics?

MONOTONICITY OF PREFERENCES is a common assumption in the theory of the core of an economy. It implies that any increase in consumption will be welcomed by a consumer, independent of the reference consumption bundle. … A second failure of monotonicity is given by satiation points.