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?

Q: 2) Now suppose the prices change to q= (91, 92) = (2,1). Again, obtain the optimal choices for A and…

A: If a decision leads to a known or anticipated outcome that is at least as good as all of the other…

Q: Think about a favorite thing you often buy or enjoy. It could be your favorite food, a favorite…

A: Suppose I buy chocolates in the course of a day. The largest utility I get is from consuming the…

Q: How do your total and marginal utility change as you stay at home watching the same TV show (not…

A: The objective of the question is to understand how total and marginal utility change as a person…

Q: state O1 lad an eXtra 00 III tax ue In tne last year. The Governor and the Speaker of the State…

A: In above game there are two players included in the bargaining game . Tax amount to be split between…

Q: The satisfaction that comes from making a choice or consuming a good or service is called focus…

A: The subject of economics focuses on how societies distribute scarce resources to meet seemingly…

Q: Let's assume you live 80 miles from the beach and it takes you two hours to drive there from home.…

A: Opportunity cost is the value of the next best alternative foregone when a decision is made,…

Q: evi offered to sell his car to Evan for $5,000 cash. Evan responded to Levi's offer by saying: "I…

A: In contract law, a binding agreement is formed when there is an offer, acceptance of that offer, and…

Q: utility positive? Explain. 3. Suppose Mary is in consumer equilibrium. The marginal utility of good…

A: The state where an individual gets the most value or satisfaction from the goods and services…

Q: At the flower shop, where you manage twoemployees, your employees perform two tasks,caring for the…

A: Management refers to the technique or procedure used to organize various resources systematically.…

Q: Nori is debating on a phone and where to get it. Several places have the same phone, but it's easier…

A: The travel time and the price of each phone is given below.StoreTravelling time Each wayPrice of…

Q: Scott loves to go to baseball games, especially home games of the Cincinnati Reds. All else equal,…

A: The net benefit of a project is determined by totaling its benefits and subtracting all of its…

Q: 1. Using the following information, calculate total utility and marginal utility. a. Plot the total…

A: The utility is the wants satisfying power of a product. Total utility is the total amount of…

Q: What do we mean by studying consumer behavior?  a. Determine how to influence it.  b. Knowing his…

A: At the point when customers purchase items, they settle on decisions that favor a few brands over…

Q: would you rather maximize your total utility or your marginal utility?

A: Total Utility is the total satisfaction that a consumer receives when he consumes different units of…

Q: The utility of a good or service Multiple Choice O O O is synonymous with usefulness. is the…

A: Consumer theory is referred to the study of how an individual decides on spending their wealth on…

Q: Number of Units 1 W|N 2 3 4 Total Utility 40 80 140 182 222

A: Utility refers to the happiness or satisfaction that an individual get from the consumption of a…

Q: What are the 4 forms of utility? And explain what each one is.

A: Utility: It means the satisfaction received by consuming a good or service.

Q: How would a fresh produce vendor at the farmers' market create the four types of utility (form…

A: Utility basically refers, how the person or an consumer make use of goods or commodities for their…

Q: Janet needs to buy textbook that costs $271. She has a coupon for $5 off at the bookstore, but she…

A: Opportunity cost refers to the potential benefits that a person, business, or society forgoes when…

Q: Use the following table for the question below. Dynaco Decision Synergy Decision Large Budget Small…

A: If we are to assume that the two firms want to maximise their profits and have as much profit, with…

Q: Question 3 Mr. Richie was a wealthy business man. He had two children, Janet nd Jackson. Richie has…

A: The Edgeworth Box is a basic diagram used in economics to visualize how resources or goods could be…

Q: Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores…

A: The individual needs 15 minutes to travel from her office to the store in order to purchase the…

Q: How does household made choices based on budget or their utility satisfaction? Justfiy

A: The first method is that, the households want to minimize their budget, subject to a specific level…

Q: Question 2 A rational person makes a choice if  Group of answer choices the choice makes money the…

A: Rational person is considered to be the one who thinks logically based on intelligence not on…