System of preferences are determined from majority voting

Assignment Help Business Economics

Reference no: EM13859434

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.

Reference no: EM13859434

Questions Cloud

Example of an exclusive union : An example of an exclusive union would be:

Compound interest instead of simple interest : If you had $ 4000 now and invested it at 6% simple interest, how much would it be worth 12 years from now? How much would it be worth if you receive 5% compound interest instead of 6% simple interest?

How does free market eliminate surplus : What are the effects of taxes on price level? Why? In your opinion, do taxes lead to efficiency or inefficiency? How does a free market eliminate a surplus?

What is meant by externalities and types of externalities : What is meant by externalities? What are different types of externalities? What are different types of externalities? What is the Coase theorem? How is it related to externalities?

System of preferences are determined from majority voting : 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. Pre..

Government expenditure and net exports remained constant : if consumption in the changed to 43 while government expenditure and net exports remained constant, what would happen to investment as a share of GDP ?

Advantages and disadvantages of deregulation : Compare the costs and benefits of regulation. In your opinion, do the benefits outweigh the cost or do the costs outweigh the benefits? What are the advantages and disadvantages of deregulation?

Expected cost of the labor in the first year : Holloman Hops has a budgeted $300,000 per year to pay for labor over the next 5 years. If the company expects the cost of labor to increase by $10,000 each year, and the interest rate is 10%, what is the expected cost of the labor in the first year?

How large must your annual deposit be : To help you reach a $5,000 goal five years from now, your father offers to give you $500 now. You plan to get a part-time job and make five additional deposits, one at the end of each year. (The first deposit is made at the end of the first year). If..

User Account

All Pages