Anthony, Edward, and Gavin are roommates and are deciding which item to add to their apartment. They each suggest a fırst choice and then vote on the options. Their first choice, second choice, and third choice preferences are as shown in the following table: 1st Choice 2nd Choice 3rd Choice Antony 50" TV PS4 New Couch Edward PS4 New Couch 50" TV Gavin New Couch 50" TV PS4 Based on the table, complete the sentence below: The roommates will vote PS4 over a New Couch by| [ Select] ,and a New Couch over a 50" TV by [ Select ] If PS4 is preferred to a (Select ] v and a [ Select ] is preferred to [ Select ] V , it might seem that it must be true that the [Select ] V is the favorite. But in a vote of a a [ Select ] versus a PS4, the [Select] wins by 2-1 vote. Hence, when a [ Select ] occurs, choosing a single favorite that is always preferred by a majority becomes ( Select ]

Anthony, Edward, and Gavin are roommates and are deciding which item to add to their apartment. They each suggest a fırst choice and then vote on the options. Their first choice, second choice, and third choice preferences are as shown in the following table: 1st Choice 2nd Choice 3rd Choice Antony 50" TV PS4 New Couch Edward PS4 New Couch 50" TV Gavin New Couch 50" TV PS4 Based on the table, complete the sentence below: The roommates will vote PS4 over a New Couch by| [ Select] ,and a New Couch over a 50" TV by [ Select ] If PS4 is preferred to a (Select ] v and a [ Select ] is preferred to [ Select ] V , it might seem that it must be true that the [Select ] V is the favorite. But in a vote of a a [ Select ] versus a PS4, the [Select] wins by 2-1 vote. Hence, when a [ Select ] occurs, choosing a single favorite that is always preferred by a majority becomes ( Select ]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Mylie's total utility from singing the same song over and over is 70 utils after one repetition, 110 utils after two repetitions, 140 utils after three repetitions, 160 utils after four repetitions, 120 utils after five repetitions, and 60 utils after six repetitions, as shown in the table below. a. Write down her marginal utility for each repetition. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Repetitions 0 1 2 3 4 5 6 Total Utility Marginal Utility 0 70 110 140 160 120 60 b. Once Mylie's total utility begins to decrease, does each additional singing of the song hurt more than the previous song or less than the previous song? O More than the previous song O Less than the previous song
Number of Sodas per day Total Utility Marginal Utility 1 20 2 35 3 47 12 4 10 5 7 Diminishing marginal utility sets in after the per day. O First Second O Third O Fourth Fifth
The following table describes the utility that Greta gets from consuming Shiner Bock. Her marginal utility is maximized ___.
Please sir provide the answer of last part of the question (part-d)
Typed and correct answer please. I ll rate
Refer to the accompanying figure. The marginal utility of the 6th pizza is: Total Utility 105 100 90 75 55 30 1 Multiple Choice O95 100 51 2 3 4 Quantity (pizzas/week) 5 9 7
12. Five consumers have the following marginal utility of apples and pears: Marginal Utility Marginal Utility of Apples of Pears Claire 6 12 Phil 6 6 Haley 6 3 Alex 3 6 Luke 3 12 The price of an apple is $1, and the price of a pear is $2. Which, if any, of these consumers are optimizing their choices of fruit? For those who are not, how should they change their spending?
The following five individuals have different utility functions over food (good x) and clothing (good y): 1) u₁(x, y) = 3x²y 2) u₂(x, y) = 2√x + y 3) Uz(x, y) = x0.6y0.4 4) u₁(x, y) = x² + y² 1 5) us(x, y) = x + 3y For each of these people: a) Compute their marginal utilities of good x, MUx = Ju(x,y) MU, = ду du(x,y) ax b) Check whether the property of "more is better" is satisfied for both goods? Explain. [Hint: Check whether marginal utilities are positive assuming positive amounts of good x and good y] ƏMUX əx and marginal utility of good y, c) Does the marginal utility of good x diminish, remain constant, or increase as each of the individuals buys more x? Explain. [Hint: There are 2 ways to do it: 1) visually check what happens to the expression of MUx when x increases (does it decrease, keep constant or decrease?); or 2) take the partial derivative of this marginal utility with respect to x, that is ƏMUx .aMUX ƏMUX If 0, the marginal utility of x is increasing in x] d) Does the…
Question 3 (Demand). Carlos really likes pizza. His utility function for Little Caesar's (xi) and Woodstock's (x.) is given by: U(xi, x2) = x;+2x2 The price of x,is $10 and Carlos spends $50 on pizza. a) Graph the demand curve for x1, with pi (the price of x) on the y-axis and x, on the x-axis. (Hint: There will be a range of prices where the demand for x, will be 0). Explain you graph. Page 2
V2
6
4. Consider a society that has three individuals - 1,2 and 3 - and three alternatives - x, y and z. The society has a preference aggregation rule F. In year 2007, the profile of individual preferences were as follows: 1 2 3 X y Z y Z V It is known that the rule F satisfies Completeness, Transitivity, Anonymity, Unanimity and Independence of Irrelevant Alternatives. Also, in year 2007, F ranked x strictly above y. Now, we are in year 2008. The individual preferences have changed to: 1 2 3 Z y y X Z Z y X x (a) How does the society rank between y and x in 2008? Why? (b) How does the society rank between x and z in 2008? Why? (c) How does the society rank between y and z in 2008? Why? (d) What were the social preferences over all three alternatives in 2007?