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Suppose an assistant needs to schedule a meeting for Abby, Becky, and Cindy. They have the following preferences
Abby: Monday then Tue then Wed
Becky: Tue then Wed then Mon
Cindy: Wed then Mon then Tues
a) Suppose he decides to set the time by doing a round-robin vote (so pit 2 against each other and then the winner against a third). Will this produce a consistent outcome that doesn't depend on his ordering of choices? Explain.
b) Suppose the assistant realizes that Wed is not workable. He limits their choices to just Tues and Mon. Which day will they choose? Explain a situation where the day they choose by vote is nevertheless inefficient.
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COMPARATIVE ADVANTAGE: Shoes come in pairs: A left (foot) shoe has to find a right (foot) shoe. A representative worker in the North can produce EITHER 30 right shoes OR 10 left shoes. How many pairs of shows the North will produce in the case of aur..
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If the marginal product of the second worker hired by a firm is 14 units and the price of a unit of output is $7 regardless of the quantity of output sold
How can an event such as the terrorist attacks of September 2001 affect consumer and business confidence and the economy?
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