Write the set of preferences for the country

Assignment Help Business Economics
Reference no: EM13851960

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: EM13851960

Questions Cloud

What are different 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?
Components of typical scada system : What is SCADA? Components of Typical SCADA System Remote Terminal Units (RTUs)
What are the effects of taxes on price level : 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?
Rows of the matrix : Consider a binary linear code C spanned by the rows of the matrix.
Write the set of preferences for the country : 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. Wri..
Government expenditure and net exports remained constant : Give a Share of GDP (percent), such that C=69.9, I=19.0,G=15.3, X-M= -4.5. 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 ?
What do will result if the concentration of waste is reduced : What DO will result if the concentration of the waste(Lw) is reduced by 50%? Assume that the flows remain the same and that the saturation value of DO is 10.83 mg/L in both cases.
What is the 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?
When is it a good idea for companies to take the alternative : When is it a good idea for companies to take this alternative? What issues factor into that decision. Provide a discussion and some examples.

Reviews

Write a Review

Business Economics Questions & Answers

  Discuss what will happen in this market as it moves

Discuss what will happen in this market as it moves to a new equilibrium. If a hard freeze eliminates Brazil's premium coffee crop, what will happen to the price of premium coffee.

  At what price will demand fall to zero

A person’s demand for gizmos is given by the following equation: q = 6 - 0.5p + 0.0002I. Where, q is the quantity demanded at price p when the person’s income is I. Assume initially that the person’s income is $40,000. Show your work/ calculations. w..

  How long would it take to pay back the investment

how long would it take to pay back the investment for the required expansion? b. If sales are expected to increase at a rate of 15% per year, how long will it take to pay back the expansion?

  Economy has overbuilt and suffers from excess capacity

Suppose an economy has overbuilt and suffers from excess capacity. A recession ensues due to firms cutting back on expenditures. Is deficient demand more easily remedied by monetary or fiscal policy? Explain

  Four macroeconomics objective from conventional perspective

Explain four macroeconomics objective from conventional perspective

  Explain how will you consider the structure of the fresh

Explain how will you consider the structure of the fresh salmon industry to calculate the forecast. Will you advise the firm to enter the industry.

  Elucidate is a company violating the optimality rule

As per to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company. Elucidate is a company violating the optimality rule.

  Find the value of all the intrest paid to ken

Find the value of X such that the loan is fully repaid with the last payment. b) What is the dollar amount of each of the five payments ? c) Find the value of all the intrest paid to ken ?

  What impact would the wage increase

Clarke's workers are highly skilled artisans with a great deal of job mobility. What impact would the wage increase have upon the firm's employment.

  Idea of equilibrium in the income-expenditure model

Use your own words to explain the idea of equilibrium in the income-expenditure model. As part of your answer explain what happens when aggregate expenditure either exceeds or falls short of output in the current period and what impact this has on pr..

  Workers in different jobs

Outline any two reasons, why the marginal revenue product differs between workers in different jobs.

  Illustrate what is the unemployment rate

Illustrate what is the unemployment rate. Karen sharpens knives in her spare time for extra income.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd