Preference relations Comparing two different consumption bundles, x and y: strict preference: x is more preferred than is y. weak preference: x is as at least as preferred as is y Indifference: x is exactly as preferred as is yPreference Relations Comparing two different consumption bundles, x and y: – strict preference: x is more preferred than is y. –weak preference: x is as at least as preferred as is y. – Indifference: x is exactly as preferred as is y