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Short Answers (30 points total, 10 points each) 1. (A) What commodities were used in the rat experiments to test the strange prediction? (B) What did the experimenters do in order to satisfy the two theoretical conditions required to make the strange prediction? 2. (A) Draw the diagram showing equilibrium buyer and seller prices (P+ and P ) when the sellers are less responsive to price changes than the buyers. (B) Explain how the diagram illustrates the general principle about who pays most of the cost 3. Briefly describe the paradox of voting. Also, explain briefly why it implies majority preferences can be unstable PLEASE ANSWER ONLY IF YOU ARE 100% SURE EVERYTHING IS CORRECT!!!.

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Short Answers (30 points total, 10 points each) 1. (A) What commodities were used in the rat experiments to test the strange prediction? (B) What did the experimenters do in order to satisfy the two theoretical conditions required to make the strange prediction? 2. (A) Draw the diagram showing equilibrium buyer and seller prices (P+ and P ) when the sellers are less responsive to price changes than the buyers. (B) Explain how the diagram illustrates the general principle about who pays most of the cost 3. Briefly describe the paradox of voting. Also, explain briefly why it implies majority preferences can be unstable PLEASE ANSWER ONLY IF YOU ARE 100% SURE EVERYTHING IS CORRECT!!!

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