If total revenue decreases when prices decrease, the price elasticity of demand is elastic
Indicate whether the statement is true or false
False
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Jargon is technical terminology used within specialized groups--sometimes called "the pros' prose."
Indicate whether the statement is true or false
Janko Wellspring Inc. has a pump with a book value of $24,000 and a four-year remaining life. A new, more efficient pump, is available at a cost of $45,000. Janko can also receive $8,000 for trading in the old pump. The new pump will reduce variable costs by $10,000 per year over its four-year life. The costs not relevant to the decision of whether or not to replace the pump are:
A. $8,000. B. $40,000. C. $16,000. D. $24,000. E. $10,000.
A technique that provides a dynamic view of a process using computers, multiple inputs, work centers, and processing techniques to help an operations manager look at the variability of a process under different conditions is known as ______.
a. a value stream map b. a process simulation c. a Pareto mapping d. an assembly chart
My wife always looks on the bright side of life. Where would she recommend we travel and why?
The Vacation Final exams are almost here and once they are done, it will be time to reward myself with a well-deserved vacation. As a state employee, I haven't seen a raise since... well, ever. Thus an important criterion, in fact the most important criterion is to find an exotic region that can be visited inexpensively. There are three states of nature that could impact costs in these five areas of interest, and they correspond to the relative strength of the US Dollar against that region's dominant currency. Rather than squander my time doing any actual publishable research, instead I have determined the average cost per day to visit each region under each of the possible states of nature. This table, which should not be construed as actual vacation advice, appears below. Region Strong Dollar Middling Dollar Weak Dollar Eastern Europe 33 54 57 Southeast Asia 41 56 36 Australia 45 44 58 Galapagos Islands 37 35 26 Scandinavia 38 11 48