Explain what''s the best option in economic perspective

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Reference no: EM133465984

Problem: Economic issue facing hikers

At the base of a mountain peak a hundred hikers a gathered to ascend to a plateau landing. The average time to reach the top is three hours. At the landing, there is a limited supply of water provided by a mountain stream of 25 pints to the hikers. You must decide on how to distribute/allocate the supply of water to the arriving hikers. You have the following choices on the best economic methods to distribute/allocate the water supply:

1. Allocate/distribute the water on a First Come First Served basis. The first 25 hikers are rewarded with a drink of water.
2. Allow the government authority to make the decision on who should and should not receive water.
3. Hold a lottery and randomly allocate/distribute water to the hikers.
4. Sell the limited supply of water to hikers.

Question: Explain what's the best option in economic perspective. (one paragraph) And analyze a little bit on others choices.

Reference no: EM133465984

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