BUS 640 Week 2 Assignment Patricia is researching venues for a restaurant business. She is evaluating three major attributes that she considers important in her choice

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  • BUS 640 Week 2 Assignment Patricia is researching venues for a restaurant business. She is evaluating three major attributes that she considers important in her choice
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Consumer Demand Analysis and Estimation Applied Problems

Please complete the following two applied problems:

Problem 1:

Patricia is researching venues for a restaurant business. She is evaluating three major attributes that she considers important in her choice: taste, location, and price. The value she places on each attribute, however, differs according to what type of restaurant she is going to start. If she opens a restaurant in a suburban area of Los Angeles, then taste is the most important attribute, three times as important as location, and two times as important as price. If she opens a restaurant in the Los Angeles metropolitan area, then location becomes three times as important as taste and two times as important as price. She is considering two venues, respectively, a...

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