2. We can apply voting paradoxes to the highway construction example of Chapter 4. Suppose there are only five people in a society and each favors one of the five highway construction options listed in Table 4.4 (“No new construction” is one of the five options). Explain which of these highway options will be selected using a majority paired-choice vote. Will this option be the optimal size of the project from an economic perspective?

LO5.3