Answer:
Efficient when the marginal benefits of project = marginal costs of project.
Explanation:
Majority Decision Rule:
Majority decision rule is based on the notion of equality. An alternative is selected which has majority of votes. The simple majority decision rule may generate efficient results if the marginal benefits of a project are equal or greater than the marginal costs of the project.
The power that must be supplied to the motor is 136 hp
<u>Explanation:</u>
Given-
weight of the elevator, m = 1000 lb
Force on the table, F = 500 lb
Distance, s = 27 ft
Efficiency, ε = 0.65
Power = ?
According to the equation of motion:
F = ma

a = 16.1 ft/s²
We know,

To calculate the output power:
Pout = F. v
Pout = 3 (500) * 29.48
Pout = 44220 lb.ft/s
As efficiency is given and output power is known, we can calculate the input power.
ε = Pout / Pin
0.65 = 44220 / Pin
Pin = 68030.8 lb.ft/s
Pin = 68030.8 / 500 hp
= 136 hp
Therefore, the power that must be supplied to the motor is 136 hp