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Consider the following three scenarios, which illustrate the preferences of three consumers (Alicia, Bob, and Cecilia) regarding two goods, peaches and apples. Each consumer has

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Consider the following three scenarios, which illustrate the preferences of three consumers (Alicia, Bob, and Cecilia) regarding two goods, peaches and apples. Each consumer has an income of $30, and each consumer pays $2 for apples and $3 for peaches.

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Alicia Bob Cecilia Peaches Apples Peaches Apples Peaches Apples U1 5 7.5 5 7.5 5 7.5 U1 6 6.5 7 4.5 6 6.5 U2 9 6 6 9 6 9 Alicia Bob Cecilia A A 19 15 12 10 7-5 2 4 0 8 19 2 14 16 P 4 6 8 10 12 14 16 6 8 10 12 14 16 p

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