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2.(8 points) A stockholder named Sue must cast a vote for chair of the board among three choices: Mr. Lee, Ms. Doe, and Mr. James.
2.(8 points) A stockholder named Sue must cast a vote for chair of the board among three choices: Mr. Lee, Ms. Doe, and Mr. James. Sue prefers Mr. Lee to Ms. Doe, Ms. Doe to Mr. James, and Mr. James to Mr. Lee.
a. Are Sue's preferences consistent with our assumptions about consumer behavior? Explain.
b. If all stockholders had the same preferences as Sue, who would win the appointment as chair of the board if the candidates are voted on two at a time, i.e. in pairs? Explain.
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