Ana, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first choice and then vote on the options. Their first choice, second choice, and third choice preferences are as shown in the following table. Circular preferences   1st Choice 2nd Choice 3rd Choice Ana Beach  Mountain Biking Canoeing  Emma  Mountain Biking Canoeing  Beach  Greta Canoeing  Beach Mountain Biking Based on the table explain why they will have a hard time reaching a decision. Do they prefer mountain biking to canoeing? What about canoeing compared to the beach? What about the beach compared to the original choice of mountain biking?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

Ana, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first choice and then vote on the options. Their first choice, second choice, and third choice preferences are as shown in the following table.

Circular preferences

 

1st Choice

2nd Choice

3rd Choice

Ana

Beach  Mountain Biking Canoeing 

Emma 

Mountain Biking Canoeing  Beach 

Greta

Canoeing  Beach Mountain Biking

Based on the table explain why they will have a hard time reaching a decision. Do they prefer mountain biking to canoeing? What about canoeing compared to the beach? What about the beach compared to the original choice of mountain biking?

Expert Solution
Step 1

Given:

1st Choice

2nd Choice

3rd Choice

Ana

Beach  Mountain Biking Canoeing 

Emma 

Mountain Biking Canoeing  Beach 

Greta

Canoeing  Beach Mountain Biking
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Opportunity Cost
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education