Anthony, Edward, and Gavin are roommates and are deciding wh…

Anthony, Edward, and Gavin are roommates and are deciding which item to add to their apartment. They each suggest a first choice and then vote on the options. Their first choice, second choice, and third choice preferences are as shown in the following table: Circular preferences for roommates roommate 1st Choice 2nd Choice 3rd Choice Antony 50″ TV PS4 New Couch Edward PS4 New Couch 50″ TV Gavin New Couch 50″ TV PS4 Based on the table, complete the sentence below: The roommates will vote PS4 over a New Couch by [option1], and a New Couch over a 50″ TV by [option2]. If PS4 is preferred to a [option3] and a [option4] is preferred to a [option5], it might seem that it must be true that the [option6] is the favorite. But in a vote of a [option7] versus a PS4, the [option8] wins by 2-1 vote. Hence, when a [option9] occurs, choosing a single favorite that is always preferred by a majority becomes [option10]. 

This is a file upload question. You have to hand-write your…

This is a file upload question. You have to hand-write your solution in a piece of paper, take a picture and upload your file (or send me through Canvas Inbox or at haruko.muratainouye@chaffey.edu). Typed answers will not be accepted!   Cooler Green Inc. is developing technology to make AC systems that use less electricity. If successful, the technology will significantly reduce the amount of energy that is wasted due to product inefficiencies. If the firm sells only in response to the market price, the quantity shown in the third column of the table below is supplied. If the firm were also to receive the broader social benefits of the new technology, the willingness to supply is shown in the fourth column. Supply and demand schedule for AC system Price Quantity Demanded Quantity Supplied (private) Quantity Supplied (with social benefits) $150 800 500 710 160 740 540 740 170 680 580 770 180 620 620 800 190 560 660 830 200 500 700 860 According to the table, answer the following: If the firm were to receive a price based only on private benefits, what would be the equilibrium price and quantity? Justify your answer! If the firm were to receive a price based on both private and social benefits, what would be the equilibrium price and quantity? Is this price and quantity higher or lower when compared to part (a)? Why that’s the case? Justify your answer!