What is the pareto optimal quantity of flowers

Reference no: EM132131517

Question: There are three consumers A, B and C. Consumer A is willing to pay 8-3F dollars for a unit of flowers for the public square, B is willing to pay 2-3F dollars for a unit of flowers, and C is willing to pay 9-3F for a unit of flowers. If the cost of flowers is constant at $1 per unit what is the pareto optimal quantity of flowers to put in the square? Now suppose that each individual pays one third of the cost per unit. Identify the median voter. Demonstrate whether or not the most preferred quantity of the median voter is the efficient quantity. State and explain the conditions under which the quantity favored by the median voter will be the winner of a majority rule election.

Reference no: EM132131517

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