Homework Help is Here – Start Your Trial Now!
Business
Economics
Geoffrey, Suzanne, Jared, and Jessica are college roommates. They're trying to decide where the four of them should go for spring break: Vail or San Diego. If they order the tickets by 11:00 PM on February 1, the cost will be just $500 per person. If they miss that deadline, the cost rises to $1,200 per person. The following table shows the benefit (in dollar terms) that each roommate would get from the two trips. Roommate Geoffrey Suzanne Jared Jessica Benefit from Vail $1,000 $600 $700 $800 The roommates tend to put off making decisions. So, when February 1 rolls around and they still haven't made a decision, they schedule a vote for 10:00 PM that night. In case of a tie, they will flip a coin between the two vacation destinations. The roommates will get the most total benefit if they choose to go to Benefit from San Diego $500 $800 $700 $1,000 Roommate Geoffrey Suzanne Jared Jessica Given the individual benefits each roommate receives from the two trips, which trip will each roommate vote for? Fill in the table with each roommate's preferred location, assuming that a given roommate will abstain if he or she has no preference. Vote Vail San Diego ▼ Abstain -vail or San Diego Under majority rule, the roommates will vote to go to Choices E Therefore, majority rule leads to an economically Suppose Jessica misses the vote, leaving Geoffrey, Suzanne, and Jared to figure out where they're going to go. efficien- inefficien ✓ outcome. Geoffrey and Suzanne arque for their preferred destinations, but Jared offers to vote with Geoffrey if Geoffrey will vote on his side in an upcoming

Geoffrey, Suzanne, Jared, and Jessica are college roommates. They're trying to decide where the four of them should go for spring break: Vail or San Diego. If they order the tickets by 11:00 PM on February 1, the cost will be just $500 per person. If they miss that deadline, the cost rises to $1,200 per person. The following table shows the benefit (in dollar terms) that each roommate would get from the two trips. Roommate Geoffrey Suzanne Jared Jessica Benefit from Vail $1,000 $600 $700 $800 The roommates tend to put off making decisions. So, when February 1 rolls around and they still haven't made a decision, they schedule a vote for 10:00 PM that night. In case of a tie, they will flip a coin between the two vacation destinations. The roommates will get the most total benefit if they choose to go to Benefit from San Diego $500 $800 $700 $1,000 Roommate Geoffrey Suzanne Jared Jessica Given the individual benefits each roommate receives from the two trips, which trip will each roommate vote for? Fill in the table with each roommate's preferred location, assuming that a given roommate will abstain if he or she has no preference. Vote Vail San Diego ▼ Abstain -vail or San Diego Under majority rule, the roommates will vote to go to Choices E Therefore, majority rule leads to an economically Suppose Jessica misses the vote, leaving Geoffrey, Suzanne, and Jared to figure out where they're going to go. efficien- inefficien ✓ outcome. Geoffrey and Suzanne arque for their preferred destinations, but Jared offers to vote with Geoffrey if Geoffrey will vote on his side in an upcoming

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

The choices for the last question:

This is an example of.....

rational ignorance

a progressive tax

logrolling

special-interest effect. 

Geoffrey, Suzanne, Jared, and Jessica are college roommates. They're trying to decide where the four of them should go for spring break: Vail or San Diego. If they order the tickets by 11:00 PM on February 1, the cost will be just $500 per person. If they miss that deadline, the cost rises to $1,200 per person. The following table shows the benefit (in dollar terms) that each roommate would get from the two trips. Roommate Geoffrey Suzanne Jared Jessica Benefit from Vail $1,000 $600 $700 $800 The roommates tend to put off making decisions. So, when February 1 rolls around and they still haven't made a decision, they schedule a vote for 10:00 PM that night. In case of a tie, they will flip a coin between the two vacation destinations. The roommates will get the most total benefit if they choose to go to Roommate Geoffrey Suzanne Jared Jessica Benefit from San Diego $500 $800 $700 $1,000 Given the individual benefits each roommate receives from the two trips, which trip will each roommate vote for? Vote Fill in the table with each roommate's preferred location, assuming that given roommate will abstain if he or she has no preference. Choices Vail San Diego Abstain Vail or San Diega Under majority rule, the roommates will vote to go to Therefore, majority rule leads to an economically Suppose Jessica misses the vote, leaving Geoffrey, Suzanne, and Jared to figure out where they're going to go. efficient inefficient outcome. Geoffrey and Suzanne argue for their preferred destinations, but Jared offers to vote with Geoffrey if Geoffrey will vote on his side in an upcoming class election. This is an example of
Transcribed Image Text:Geoffrey, Suzanne, Jared, and Jessica are college roommates. They're trying to decide where the four of them should go for spring break: Vail or San Diego. If they order the tickets by 11:00 PM on February 1, the cost will be just $500 per person. If they miss that deadline, the cost rises to $1,200 per person. The following table shows the benefit (in dollar terms) that each roommate would get from the two trips. Roommate Geoffrey Suzanne Jared Jessica Benefit from Vail $1,000 $600 $700 $800 The roommates tend to put off making decisions. So, when February 1 rolls around and they still haven't made a decision, they schedule a vote for 10:00 PM that night. In case of a tie, they will flip a coin between the two vacation destinations. The roommates will get the most total benefit if they choose to go to Roommate Geoffrey Suzanne Jared Jessica Benefit from San Diego $500 $800 $700 $1,000 Given the individual benefits each roommate receives from the two trips, which trip will each roommate vote for? Vote Fill in the table with each roommate's preferred location, assuming that given roommate will abstain if he or she has no preference. Choices Vail San Diego Abstain Vail or San Diega Under majority rule, the roommates will vote to go to Therefore, majority rule leads to an economically Suppose Jessica misses the vote, leaving Geoffrey, Suzanne, and Jared to figure out where they're going to go. efficient inefficient outcome. Geoffrey and Suzanne argue for their preferred destinations, but Jared offers to vote with Geoffrey if Geoffrey will vote on his side in an upcoming class election. This is an example of
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Rational Decisions
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
SEE MORE TEXTBOOKS