Blanche Carter Has Devised a System for Rating the Males

question 27

Essay

Blanche Carter has devised a system for rating the males in her economics class.She cares about their intelligence and their looks.She has ranked each male on a scale of 1 to 5 for intelligence and 1 to 3 for looks.She defines a preference relation, R, as follows: xRy if boy x scores at least as high as boy y in either looks or intelligence.Give an example to show that Blanche's method of determining preferences might not lead to transitive preferences.

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Definitions:

Direct Labour Cost

The cost that can be directly attributed to the production of goods or services, including wages and benefits for workers who are actively involved in the manufacturing process.

Direct Material

Raw materials that are directly traceable to the manufacturing of a specific product and are an essential component of its production.

Process Costing

An accounting methodology used for homogenous products, where costs are assigned to production processes or departments and averaged over the units produced.

Cost per Unit

The cost to produce a single unit of product, calculated by dividing the total production cost by the number of units produced.