Final answer:
When ranking the utility of a $15 store-specific gift card against other gift options, one must consider the preferences of the recipient and the value of other gifts. The utility derived from the gift card largely depends on how much the recipient values shopping at that particular store.
Step-by-step explanation:
When ranking gift possibilities by the utility they are likely to bring, with 1 being the highest utility and 3 being the lowest, it's important to consider both the value of the gifts and the flexibility of their use. To assess the utility of a $15 store-specific gift card, we should compare it to other gift options mentioned in related scenarios.
If the alternative gift options are the envelopes with coupons described, the store-specific gift card may rank differently based on its usability. For example, if the gift card is for a store the recipient likes and frequently shops at, its utility could be very high. However, if it's for a store the recipient seldom visits or doesn't like, the utility could be quite low.
To provide a specific ranking among the envelopes containing coupons for $6, $8, $12, and $40 gifts, we could calculate the expected value of choosing an envelope, which would provide us a basis for comparison. Without knowing the recipient's preferences, it's difficult to definitively rank the $15 gift card against these options, but we can generally state that a certain cash value has less utility if restricted to a specific store versus cash that can be used anywhere.