Suppose That Nadine Has a Production Function 4x₁

question 23

Multiple Choice

Suppose that Nadine has a production function 4x₁ + x₂.If the factor prices are $12 for factor 1 and $2 for factor 2, how much will it cost her to produce 50 units of output?

• A)$100
• B)$2,500
• C)$150
• D)$1,325
• E)$125

Explain the difference between power and authority with examples.

Define class and class consciousness according to Marx and apply these concepts to contemporary Canadian society.

Compare absolute and relative poverty definitions and express a reasoned preference.

Discuss the role of human, social, and cultural capital in determining societal rewards.

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Definitions:

Social Facilitation

The tendency for individuals to perform differently when in the presence of others than when alone, usually showing improvement in tasks they find easy or have well-rehearsed.

Normative Social Influence

The impact of others that causes us to change our behavior to gain their approval and acceptance.

Informational Social Influence

The process of changing one’s behavior to align with the group's, based on the belief that the group possesses accurate information.

Social Facilitation

The tendency for people to perform differently when in the presence of others than when alone, often improving on simple tasks.