A Club Voted on What Time to Have Their Next

question 2

Short Answer

A club voted on what time to have their next meeting (12:00 p.m., 1:00 p.m., 5:00 p.m., or 6:00 p.m.). The election results are summarized in the preference table below.

$\begin{array}{l|rrrr}\text { Number of votes } & 4 & 15 & 6 & 10 \\\hline \text { First choice } & 5 & 6 & 6 & 12 \\\text { Second choice } & 6 & 5 & 12 & 1 \\\text { Third choice } & 1 & 12 & 5 & 6 \\\text { Fourth choice } & 12 & 1 & 1 & 5\end{array}$ Does the election violate the majority criterion? Explain your answer.

Apply the understanding of tax impacts to real-world scenarios involving different markets and tax policies.

Evaluate the role of taxes in generating government revenue and their efficiency.

Comprehend the relationship between tax policy and its socio-economic objectives.

Critically assess the principles behind tax design and its implications on equity and efficiency.

---

Definitions:

Factory Overhead

Factory overhead refers to all indirect costs associated with manufacturing, excluding direct materials and direct labor expenses.

Direct Labor Hours

The total hours worked by employees directly involved in the production process.

Predetermined Factory Overhead Rate

A rate calculated before a period begins, used to allocate estimated overhead costs to individual units of production based on a specific activity base.

Estimated Activity Base

A projection or forecast used in budgeting and accounting to allocate costs based on predicted levels of activity such as hours worked or units produced.