A Short-Run Production Function Was Estimated as at 20

question 6

Multiple Choice

A short-run production function was estimated as At 20 units of labor,what is total product?

• A)48
• B)96
• C)20
• D)62
• E)41

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Definitions:

Impossibility Theorem

A principle, also known as Arrow's impossibility theorem, stating that it is impossible to devise a social welfare function that fairly ranks societal preferences in the presence of three or more options.

Voting Scheme

A method or system used for casting votes and determining the outcome in an election or decision-making process.

Individual Preferences

The specific likes, dislikes, desires, and needs that dictate the choices made by an individual, often influencing economic decisions and behaviors.

Majority Rule

A decision rule that selects alternatives which have a majority, that is, more than half the votes.