Jackson, Suzanne, Jared, and Jessica are college roommates. They're trying to decide where the four of them should go for spring break: Las Vegas or Orlando. If they order the tickets by 10:00 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 Jackson Suzanne Jared Jessica Benefit from Las Vegas $500 $750 $800 $1,000 Benefit from Orlando $1,200 $750 $600 $550 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 9:00 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 Given the individual benefits each roommate receives from the two trips, which trip will each roommate vote for?

Jackson, Suzanne, Jared, and Jessica are college roommates. They're trying to decide where the four of them should go for spring break: Las Vegas or Orlando. If they order the tickets by 10:00 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 Jackson Suzanne Jared Jessica Benefit from Las Vegas $500 $750 $800 $1,000 Benefit from Orlando $1,200 $750 $600 $550 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 9:00 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 Given the individual benefits each roommate receives from the two trips, which trip will each roommate vote for?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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