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