(See Solution) Suppose that \succeq is a rational preference relation on R_+^L. State the definition of a utility function representing \succeq. Is there always
Question: Suppose that \(\succeq\) is a rational preference relation on \(R_{+}^{L}\).
- State the definition of a utility function representing \(\succeq\).
- Is there always a utility function representing \(\succeq ?\) Why or why not?
- If \(\succeq\) on \(R_{+}^{L}\) is also continuous, is there always a utility function representing \(\succeq\) ?
- Suppose there is a continuous utility function representing \(\succeq\). Are all the utility functions representing \(\succeq\) continuous? Why or why not?
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