PRINCIPLES OF MICROECONOMICS (OER)
2nd Edition
ISBN: 9781947172340
Author: Timothy Taylor, Steven A. Greenlaw
Publisher: OpenStax
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Textbook Question
Chapter 18, Problem 5SCQ
True or false: Majority rule can fail to produce a single preferred outcome when there are more than two choices.
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The above table shows the benefit to each voter if an issue passes. The cost per voter of the issue passing is $100.
According to Majority Rules voting, will the issue pass?
According to marginal analysis, should the issue pass?
its already answered in this site so you can just just send me by copying it
A) How will the voters vote for putting a statue in the towns common area using the following data?
B) Explain using cost/benefit analysis if this is the best outcome for the town.
C) Is majority rules voting actually best for society? Use facts to support your answer
Explain why majority rule respects the preferencesof the median voter rather than those of the averagevoter.
Chapter 18 Solutions
PRINCIPLES OF MICROECONOMICS (OER)
Ch. 18 - Based on the theory of rational ignorance, what...Ch. 18 - What is the cost of voting in an election?Ch. 18 - What is the main factor preventing a large...Ch. 18 - Why might legislators vote to impose a tariff an...Ch. 18 - True or false: Majority rule can fail to produce a...Ch. 18 - Anastasia, Emma, and Greta are deciding what to do...Ch. 18 - Suppose there is an election for Soft Drink...Ch. 18 - How does rational ignorance discourage voting?Ch. 18 - How can a small special interest group win in a...Ch. 18 - How can pork-barrel spending occur in a situation...
Ch. 18 - Why do legislators vote for spending projects in...Ch. 18 - Why does a voting cycle make it impossible to...Ch. 18 - How does a government agency raise revenue...Ch. 18 - What are some reasons people might find acquiring...Ch. 18 - What are some possible ways to encourage voter...Ch. 18 - Given that rational ignorance discourages some...Ch. 18 - When Microsoft was founded, the company devoted...Ch. 18 - Representatives of competing firms often comprise...Ch. 18 - Special interests do not oppose regulations in all...Ch. 18 - To ensure safety and efficacy, the Food and Drug...Ch. 18 - How is it possible to bear a cost without...Ch. 18 - Is pork-barrel spending always a bad thing? Can...Ch. 18 - The United States currently uses a voting system...Ch. 18 - What are some alternatives to a first past the...Ch. 18 - AT10 million dollar. Lobbying Congress to block...Ch. 18 - Occupy Wall Street was a national (and later...Ch. 18 - Say that the government is considering a ban on...
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Similar questions
- The average cost of landscaping services for members of a condominium community is $350 per week. Assume that the quantity of landscaping services is perfectly correlated with the number of gardeners per week. Suppose the community consists of seven residents, each with the identical marginal benefit curve for landscaping services. The marginal benefit of the first gardener is $100 per resident. a) Assume that the efficient number of gardeners is three per week. What is the political equilibrium under majority rule if each voter is assigned a tax share of $50 per gardener per week? Does the political equilibrium under majority rule differ from the Lindahl equilibrium?arrow_forwardSuppose there are three people in society who vote on whether the government should undertake specific projects. Let the net benefits of a particular project be $150, $140, and $50 for persons A, B, and C, respectively. a. If the project costs $300 and these costs are to be shared equally, would a majority vote to undertake the project? What would be the net benefits to each person under such a scheme? Would total net benefits be positive? b. Suppose the project cost $375 and again costs were to be shared equally. Now would a majority vote for the project and total net benefits be positive? c. Suppose (presumably contrary to fact) votes can be bought and sold in a free market. Describe what kinds of results you might expect in part a and part b.arrow_forwardBN10.3 Case: Your non-profit has just been awarded a special government environmental clean- up grant of $90,000. You are given the choice to take the $90,000 now or wait until next year. With an election coming up, the amount of next year's grant will vary based on which party wins. Assuming that money tomorrow is worth the same as money today, the grant amounts are: Outcome Democrats control everything Republicans control everything Split government Assume: Grant Amount $160,000 $36,100 $90,000 Probability 0.25 0.25 0.50 Assume your Payoff in each case (based on your utility function) is sqrt (grant amount). Question: Do you accept the Money today or wait until next year? Include Calculations of the Expected Value and Expected Utility.arrow_forward
- Suppose that friends Jennifer, Stephanie, and Megan cannot agree on how much to spend for a bouquet of flowers to send to a person who allowed them to use her beach house for the weekend. Jennifer wants to buy a moderately priced bouquet, Stephanie wants to buy an expensive bouquet, and Megan wants to buy a very expensive bouquet. Assuming no paradox of voting, majority voting will result in the decision to buy Multiple Choice an inexpensive bouquet. a very expensive bouquet. a moderately priced bouquet. an expensive bouquet. Barrow_forwardAccording to Kenneth Arrow, there are minimum conditions to which a social choice rule (constitution) needs to conform to in order to be ethically acceptable. Explain these conditions. Does majority decisions rule conform to Arrows conditions?arrow_forwardWhich of the following is true? a. Arrow’s Impossibility Theorem states that There is no voting method that will satisfy a reasonable set of fairness criteria when there are three or candidates. b. Gibbard-Satterthwaite's theorem states that there is a voting method is completely resistant to strategic voting. c. None of the given choices d. May's Theorem states that the majority method will always have a winner.arrow_forward
- How does Arrow's Impossibility Theorem challenge the feasibility of achieving a fair and consistent voting system in economic decision-making?arrow_forwardWhat are two qualities of a political economy that favour entrepreneurs (i.e., they foster a climate that promotes the launch of new businesses)?arrow_forwardConsider the town of Springfield with only three residents, Sophia, Amber, and Cedric. The three residents are trying to determine how large, in acres, they should build the public park. The table below shows each resident's willingness to pay for each acre of the park. The cost to build the park is $21 per acre. The government wants to tax each person $7 to build each acre ($21/3). How many acres will be built if majority rules. Sophia $10 Acres Amber Cedric $24 18 $6 2 3. 14 4. 3. 8. 1 6. 2 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer 3 acres, total surplus $50 b. 2 acres, total surplus $29 2 acres total surplus $125 1 acres total surplus 59arrow_forward
- 4.10. A social choice function satisfies the weak Pareto criterion if,whenever every voter places one candidate above another, say rankingcandidate A over candidate B, then candidate B cannot be the uniquewinner. (This differs from the Pareto property owing to the words “theunique”.)(a) Explain why any method that satisfies Pareto also satisfies weakPareto.(b) Explain why the antiplurality method satisfies weak Pareto.(c) Explain why the agenda method violates weak Pareto.arrow_forwardTwo US states, New California and North Arizona, are negotiating over the distribution of water from a river. Assume the total amount of the river is 100, and each state wants as much as possible. The river starts in North Arizona, so they make an offer to New California about how to divide the river. New California can accept or reject the offer. They can also ask the federal government to decide the issue. Both states expect that the federal government would give New California 60% of the waters and North Arizona the remainder. However, the delay of asking the federal government to decide the issue would cost each state utility worth 5% of the river waters. Draw a bargaining game to represent this situation. Solve the game to find its subgame perfect Nash equilibrium. How much water would each state get?arrow_forwardWhat are two characteristics of a Political Economy that are conducive to entrepreneurs (i.e., they create an environment that encourages the formation of new businesses)?arrow_forward
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