Could you please answer these questions? True or False 1) The completeness axiom

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Could you please answer these questions?
True or False
1) The completeness axiom is depicted by 2x>1x. 2) The slope of as well-behaved indifference curve constant. 3) Well-behaved indifference curves have an upward slope. 4) If bundles of goods A and B lie on the same indifference curve, one can assume bundle A gives the same level of satisfaction as bundle B irrespective of their positions on the curve. 5) acording to the transitivity axiom, if C > D, and E > D, then it is true that C > E. Could you please answer these questions?
True or False
1) The completeness axiom is depicted by 2x>1x. 2) The slope of as well-behaved indifference curve constant. 3) Well-behaved indifference curves have an upward slope. 4) If bundles of goods A and B lie on the same indifference curve, one can assume bundle A gives the same level of satisfaction as bundle B irrespective of their positions on the curve. 5) acording to the transitivity axiom, if C > D, and E > D, then it is true that C > E. Could you please answer these questions?

1) The completeness axiom is depicted by 2x>1x. 2) The slope of as well-behaved indifference curve constant. 3) Well-behaved indifference curves have an upward slope. 4) If bundles of goods A and B lie on the same indifference curve, one can assume bundle A gives the same level of satisfaction as bundle B irrespective of their positions on the curve. 5) acording to the transitivity axiom, if C > D, and E > D, then it is true that C > E.

Explanation / Answer

1) True. The completeness axiom of an indifference curve explains if a consumer is gievn two bundle of goods to choose from, he will either prefer one bundle over the other or would rank them equal. With this, there is no room left for indecisiveness for the consumer and the consumer will be able to make choices easily.

2) False. An indifference curve shows all the possible combinations of two goods which give the consumer equal utility or satisfaction. An indifference curve is convex in shape. The convex shape of an indifference curve is due to the diminshing marginal rate of substitution of goods X and Y, which means that for each unit increase in the amount of one good (X), less and less units of the other good (Y) are sacrificed. That is why, the slope of an indifference curve is negative, not constant.

3) False. Indifference curves show the combinations of two goods consumed without altering the level of utility. The marginal rate of substitution of one good to another is diminishing and this is the reason for the indifference curve being negatively sloped convex shaped curve. The IC is negatively sloped from left to right because as the number of units for one good are increased, the number of units sacrificed by the other goods decrease.

4) True. One of the assumptions of an IC is that no two indifference curves can intersect. This is due to the fact that a point on an indifference curve represents a certain level of satisfaction, which will be the same for any other point on the same IC. If two ICs intersect, it simply means that both represent the same level of satisfaction, which means they should lie on each other. Any two points A and B lying on the same IC show the same level of satisfaction to the consumer, irrespective of where these points lie on the curve.  

5) False. One of the axioms of Indifference curve is 'transitivity' which explains that if one bundle A is preferred over another bundle B, and if bundle B is preferred over bundle C, then bundle A will be preferred over bundle C also. Mathematically, it can be written as:
If A>B; B>C, then, A>C.
But, in the statement, it is given that  if C > D, and E > D, then it is true that C > E, which is not true as if C>D and E>D, then, mathematically, C should be equal to E, that is,
If C>D; E>D, then, C=E > D, that is, C and E will be equal and more than D. This doesnot satisfy the condition of the transitivity axiom.

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