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Preferences and Utility Economics Question (Need help quick please)
I really need help as I just started a masters degree in Politics an Economics and my undergraduate degree was mostly in Political Science and History... so I am struggling at the basics and need some help to get started with the below question! Pleas assist if you can!
Preferences and Utility Question: Restaurant preferences are based on 2 criteria... quality of the restaurant based on guide which rates quality from 0 (low quality) to 10 (top quality), and the minimum price for a three-course meal. More precisely, when choosing between two restaurants, strict preference is given to higher quality. If both have the same quality then strict preference is given to the restaurant that offers a three-course meal at a cheaper price. If the two restaurants have the same quality and price, then there is no preference: so given the above information... 1) if there are two restaurants 'a' and 'b', under which conditions on the quality and price of restaurants a and b does a person then weakly prefer restaurant 'a' over 'b' (aRb)? 2) then is the weak preference relation over restaurants complete and transitive and if so how do I show this? |
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