Restaurants are different in rating R and price P. Consumers usually prefer higher ratings or lower prices.
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Restaurants are different in rating R and price P. Consumers usually prefer higher ratings or lower prices. Restaurant A has (R, P) = (4, 2). Restaurant B has (R, P) = (4, 4). Restaurant C has (R, P) = (2, 2). Restaurant D has (R, P) = (2, 4).
(a) Show the price-rating coordinates of the four restaurants on a graph.
(b) Draw indifference curves satisfying a preference relation: A B C D ( means strictly prefer, means indifferent).
Related Book For
Edexcel AS And A Level Mathematics Pure Mathematics Year 1/AS
ISBN: 9781292183398
1st Edition
Authors: Greg Attwood
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