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Three people are voting for President. The first person prefers Donald Trump to Jeb Bush to Hilary Clinton. The second person prefers Hilary Clinton to Donald Trump to Jeb Bush. The third person prefers Jeb Bush to Hilary Clinton to Donald Trump. Pretend that the three people together form a united country with a set of preferences. The system of preferences are determined from majority voting (i.e. we say that the country prefers candidate A to candidate B if a majority of people would vote for candidate A over candidate B in a two-person election with only candidates A and B). Write the set of preferences for the country. Write a utility function representing those preferences.
Air transport for businesspeople and tourists
What are arguments for using real per capita G NI to compare living standards between countries. What weakness does this measure have.
Using information given: What is average cost of first do these of a new drug. What about marginal cost of subsequent doses? Is this consistent with behaviour of costs for an information product.
q.suppose you currently consume 10 cups of coffee every week on a cost of 4 each at the local four bucks. one day you
What other economic factors are affected when taxes are raised or lowered, and how are they affected? Should the government increase tax rates on everyone as a way to equalize incomes and wealth?
In jury selection, one cannot exclude potential jurors on the basis of race or other discriminatory criteria. One question is if this prohibition against discrimination should extend to potential jurors that have physical or mental disabilities. How ..
Two ice-cream stands are deciding where to set up along a 1-mile beach. The people are uniformly located along the beach, and each person sitting on the beach buys exactly 1 ice-cream cone per day from the nearest stand. Each ice-cream seller wants t..
Illustrate what will be real interest rate that clears goods market at G = 2000 and Y = 10,000. Conclude autonomous investment and marginal propensity to invest.
Movie attendance dropped 8 percent as tickets prices rose a little more than 5 percent. What is the price elasticity of demand for movie tickets? Could price elasticity be somewhat overestimated from these figures? That is, could other things have ch..
What are the necessary conditions for economic efficiency? In what four situations might a market fail to achieve ideal economic efficiency?
VetPharm has historically produced and sold drugs for animals; however, one of its products developed for animal use has recently been approved for a similar use in humans. Market research has revealed that at the current per dose price, the elastici..
Suppose you're in charge of establishing economic policy for this small island country. Which of the following policies would lead to greater productivity in the weaving industry?
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