Describe condorcet paradox failure of majority rule to

Reference no: EM13387641

1. Describe and explain the budget constraint. How does a consumer maximize utility under a given budget constraint? How do consumers know if they are not maximizing utility?

2. Explain the Condorcet Paradox, the failure of majority rule to produce transitive preferences for society. Explain Arrow's impossibility theorem. What does this say about society's choices?

Reference no: EM13387641

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Describe condorcet paradox failure of majority rule to : 1. describe and explain the budget constraint. how does a consumer maximize utility under a given budget constraint?

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