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The transformation curve is an important analytical device in several areas of economics, particularly in general equilibrium theory, welfare economics and international trade theory. It is
also useful in pointing up some basic economic lessons, e.g. in an economy with a fixed quantity of resources and a given technology it is not possible to have more of one thing without having less of another. The curve is also often referred to as the production possibility curve.
Transitivity. A particular type of consistency property which is assumed to be possessed by the preference ordering of a consumer. Suppose we take three specific baskets of goods, A, B and C. The consumer tells us she prefers A to B and B to C. We would then predict that she will prefer A to C. Her preferences are transitive if this is in fact the case. Likewise transitivity requires that if she is indifferent between A and B, and between B and C, then she is also indifferent between A and C. We would tend to think that if the consumer’s preferences were not transitive she was being in a way inconsistent in her choices. The implication of this transitivity property is that the consumer’s indifference curves cannot intersect (given also that she always prefers more of a good to less of it).
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