Hi guys, I'd love some help with a question that's part of my economics essay, it's as follows:
"The first part of your essay should use indifference analysis to examine the discrepancies between receiving a high quality education versus one that is inferior. Although there are exceptions, in general high-income households can afford to pay for better schooling. Households with lower incomes may have no choice but to send their children to no (or low) fee schools. In your graphic interpretation of the scenario, use two different budget lines to show this. Also include a discussion about why receiving a first-rate education would result in high utility."
I'm not really sure how to approach the indifference analysis, and any help would be greatly appreciated. Thanks so much in advance.
And actually passed?