Edexcel A Level · 9EC0 · Theme 1: Introduction to markets and market failure
1.2.1 Rational Decision Making
Also Edexcel AS 8EC0
Everything you need for questions on rational decision making, in the words examiners reward. An interactive seven-step lesson goes with it.
What's on this sheet
- What "rational" means
- Utility
- Calculations
- Why firms maximise profit, and why they might not
- A classic chain
- Classic question: are consumers rational?
- Side 2: practice tasks, where the marks go, and exam-style questions
- Separate answer key
The lesson in seven steps
- £12 at the café
- How many to make?
- Does it fit the model?
- Utility and profit trainer
- How realistic is rationality?
- Build the chain
- Exam practice
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