Lexicographic Orderings by Consumers (With Diagram)
In this article we will discuss about the lexicographic orderings by consumers, explained with the help of suitable diagrams. The indifference curves (ICs) would be negatively sloped, i.e., they would be sloping downward towards right like the curves given in Fig. 6.2. Axiom of continuity of preferences ensures that the ICs really exist. However, a consumer may order his commodity [...]