Use the Following Preference Table to Answer the Questions $\quad$

question 71

Short Answer

Use the following preference table to answer the Questions: $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Number of voters }$
$\begin{array}{lcccc}& 3 & 3 & 2 & 3 \\\text { First choice } & \text { A } & \text { C } & \text { A } & \text { D } \\\text { Second choice } & \text { B } & \text { D } & \text { D } & \text { C } \\\text { Third choice } & \text { C } & \text { B } & \text { C } & \text { B } \\\text { Fourth choice } & \text { D } & \text { A } & \text { B } & \text { A }\end{array}$
-Which candidate wins using Condorcet's system?

Evaluate the impact of price changes on the consumption decisions of individuals with specific utility functions.

Identify perfect substitutes and complements from given utility functions.

Calculate the optimal consumption bundle given budget constraints and prices.

Interpret consumer behavior through marginal rate of substitution and indifference curve analysis.

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