5. Majority-rule benefit-cost analysis Taylor, Hope, Jared, and Rachel are college roommates. They're trying to decide where the four of them should go for spring break: Las Vegas or Cancun. If they order the tickets by 9:00 PM on February 1, the cost will be just $500 per person. If they miss that deadline, the cost rises to $1,200 per person. The following table shows the benefit (in dollar terms) that each roommate would get from the two trips. Roommate Taylor Hope Jared Rachel Benefit from Las Vegas $500 $800 $700 $1,000 The roommates tend to put off making decisions. So, when February 1 rolls around and they still haven't made a decision, they schedule a vote for 8:00 PM that night. In case of a tie, they will flip a coin between the two vacation destinations. Benefit from Cancun $1,000 $600 $700 $800 The roommates will get the most total benefit if they choose to go to Given the individual benefits each roommate receives from the two trips, which trip will each roommate vote for? Roommate Taylor Hope Jared Rachel Fill in the table with each roommate's preferred location, assuming that a given roommate will abstain if he or she has no preference. Vote Under majority rule, the roommates will vote to go to Therefore, majority rule leads to an economically Suppose Rachel misses the vote, leaving Taylor, Hope, and Jared to figure out where they're going to go. outcome. Taylor and Hope argue for their preferred destinations, but Jared offers to vote with Taylor if Taylor will vote on his side in an upcoming class election. This is an example of