By Erik Angner
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Extra resources for A Course In Behavioral Economics
There is no assumption that a menu is small, or even finite, though we frequently assume that it is. In economics, the menu is often referred to as the budget set. This is simply that part of the set of alternatives that you can afford given your budget, that is, your resources at hand. Suppose that you can afford at most three apples (if you buy no bananas) or two bananas (if you buy no apples). This would be the case, for instance, if you had $6 in your pocket and bananas cost $3 and apples $2.
Suppose that you can afford at most three apples (if you buy no bananas) or two bananas (if you buy no apples). This would be the case, for instance, if you had $6 in your pocket and bananas cost $3 and apples $2. 5. Assuming that fruit is infinitely divisible, the menu is infinitely large. The line separating the items in your budget from the items outside of it is called the budget line. 28 Budget sets Suppose that your budget is $12. Use a graph to answer the following questions: (a) What is the budget set when apples cost $3 and bananas cost $4?
For clarity, sometimes the "is at least as good as" relation will be called weak preference. Assuming (still) that the weak preference relation is rational, it is possible to prove logically that the relation will have certain properties. The following proposition establishes some of them. JEJ A Course in Behavioral Economics Proposition 2. y>-x (fora/Ix, y) (iii) 11ot x >- x (for nil x) Proof (i) Suppose that x >- y & y >- :. 13 tells us that we need to show that x >,,, : and that it is not the case that:>- x.