2. Explain how applying the axioms of completeness, transitivity and strict monotonicity to consumer preferences ensures that indifference curves never intersect. You are encouraged to make use of an...

Extracted text: 2. Explain how applying the axioms of completeness, transitivity and strict monotonicity to consumer preferences ensures that indifference curves never intersect. You are encouraged to make use of an illustration to support your answer. 3. Suppose that the utility functions u(x, y) and v(x, y) are related by v(x, y) = f(u(x, y)). In each case below, check if f is a positive monotonic transformation' of u. (a) f(u) = 3.141592u (b) f(u) = 5000 - 23u