Suppose the rational preference relation is continuous, monotonic (maybe weakly monotonic) and homothetic. Show that preference relation is represented by a utility function that satifies, the following: for any α > 0, and any x ∈ X,
u(αx) = αu(x)
Suppose the rational preference relation is continuous, monotonic (maybe weakly monotonic) and homothetic. Show that preference relation is represented by a utility function that satifies, the following: for any α > 0, and any x ∈ X,
u(αx) = αu(x)