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Economies of Scale
The reduction in the cost of each additional unit produced as all factors of production increase. Factors contributing to economies of scale include discounts on bulk purchases of raw materials, the ability to use fixed assets to full capacity, the skills to use particular labor to its fullest capability, and the skills to use management to govern the largest number of people as efficiently as possible.
Just in Time Scheduling - JIT JIT techniques are being widely adopted by operations managers in manufacturing companies in the West. JIT ideas have not only had a profound im
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Economic Cycle The economic cycle is the long-standing sample of alternating times of economic growth (expansion) and decline (recession), followed by changing economic indica
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The demand curve for gasoline is P = 200 - 10Q. a. Find the elasticity of demand for a quantity of 8. Does this number imply that quantity demanded is sensitive to price chan
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