Make a Preference Table for the Given Voting Situation $\text { C B A A C B B A }$

question 6

Multiple Choice

Make a preference table for the given voting situation.
-Eight voters are asked to rank 3 brands of automobiles: A, B, and C. The eight voters turn in the Following ballots showing their preferences in order: $\text { C B A A C B B A }$
$\text { B C B B B C A B}$
$\text { A A C C A A C C }$

Make a preference table for these ballots.

• A) \(\begin{array}{lllll} \hline \text { Number of Votes } & 3 & 1 & 2 & 2 \\ \hline \text { First } & \text { A } & B & B & C \\ \text { Second } & \text { B } & A & C & A \\ \text { Third } & \text { C } & C & A & B \\ \hline \end{array}\)

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.

Elastic Demand

A situation where the quantity demanded of a good or service changes significantly in response to a change in price.

Total Revenue

The total amount of money a firm receives by selling goods or services.

Price Elasticity

A rating of the degree of demand fluctuation for an item as a consequence of variations in its price.