Economics Course Response
Economic issue facing hikers
At the base of a mountain peak a hundred hikers a gathered to ascend to a plateau landing. The average time to reach the top is three hours. At the landing, there is a limited supply of water provided by a mountain stream of 25 pints to the hikers. You must decide on how to distribute/allocate the supply of water to the arriving hikers. You have the following choices on the best economic methods to distribute/allocate the water supply:
A) Allocate/distribute the water on a First Come First Served basis. The first 25 hikers are rewarded with a drink of water.
B) Allow the government authority to make the decision on who should and should not receive water.
C) Hold a lottery and randomly allocate/distribute water to the hikers.
D) Sell the limited supply of water to hikers.
*** Explain what’s the best option in economic perspective. (one paragraph) And analyze a little bit on others choices. (one paragraph)
I’ve attached course materials for reference. There’s no minimum words but probably two paragraphs are great. Don’t plagiarize anything!!!! Thank you, and please follow grading rubric 🙂
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