Albert, Brenda, Carlos, Dora and Edgar are 5 friends that are organizing a party. They have different preferences in terms of how much to spend for the party and so they will decide via majority voting. Preferences are given in the following table Ranking 1st 2nd 3rd 4th 5th $300 $400 $200 $500 $100 B $500 $400 $300 $200 $100 $100 $200 $300 $400 $500 D $200 $300 $100 $400 $500 E $400 $300 $500 $200 $100 a. Are these preferences over party-spending single-peaked? Plot these preferences to justify your answer. b. Identify who is the median voter given these preferences, and what level of spending is most preferred by the median voter c. Show that in a liead-to-liead vote of the most preferred choice for the median voter against any alternative, the choice of the median voter is a "Condorcet winner" Albert, Brenda, Carlos, Dora and Edgar are 5 friends that are organizing a party. They have different preferences in terms of how much to spend for the party and so they will decide via majority voting. Preferences are given in the following table Ranking 1st 2nd 3rd 4th 5th $300 $400 $200 $500 $100 B $500 $400 $300 $200 $100 $100 $200 $300 $400 $500 D $200 $300 $100 $400 $500 E $400 $300 $500 $200 $100 a. Are these preferences over party-spending single-peaked? Plot these preferences to justify your answer. b. Identify who is the median voter given these preferences, and what level of spending is most preferred by the median voter c. Show that in a liead-to-liead vote of the most preferred choice for the median voter against any alternative, the choice of the median voter is a "Condorcet winner