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Mrs. Jackson's third-grade class voted on whether to have a clown (C), a magician (M), or a superhero (S)at
their class party. Their preference ballots are shown below. Make a preference table for the results of the
election and answer each question.
(a)How many people voted?
(b)How many people voted for the candidates in the order of preference MSC?
(c)How many people voted for candidate C as their first choice?
(d)Using the plurality method, determine the winner of the election.
Labor Employment
The act or process of employing labor forces and the state of being employed in work.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a factor of production.
Wage Rate
The amount of money paid to an employee per unit of time or output, often expressed as an hourly rate.
Variable Input
An input whose quantity can be changed in the short run to adjust production levels, such as labor or raw materials.
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