Is the function z=max(x,2y) monotone? I suppose it is monotone but not strictly montone, isn't it? Sry for posting this rather trivial question, but in our book the max function is described as not monotone, which seems rather weird to me.
Thanks
Are there various definitions? I thought if f(x)''>0 f(x) is strictly monotone, if f(x)''>=0 it is monotone (in both cases monotonely increasing to be exact). What alternative definition is widely accepted? My example is in a book on econometrics. The question is, whether or not the indifference curves of the utility u=max(x,2y) represent monotone preferences.
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Monotonic function - Wikipedia, the free encyclopedia
I'm sorry, in that case I'm afraid I can't help you. Perhaps another member, let's wait.My example is in a book on econometrics. The question is, whether or not the indifference curves of the utility u=max(x,2y) represent monotone preferences