A firm that markets products with high value (like electronics) would likely have?
1 answer:
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The question is incomplete. See the attached image for the missing table showing the demand and supply schedule.
Answer/Explanation:
a. Equilibrium price is the price at which Qd = Qs. Hence, equilibrium price = $4, while equilibrium quantity is the quantity demanded at the equilibrium price, i.e. where quantity demanded = quantity supplied. Therefore equilibrium quantity = 8,000
b. At $5, there would be excess quantity supplied, i.e. Qs · Qd = 10,000 · 6,000 = 4,000. Hence, there would be wastage of resources as a result of surplus. This would lead to decrease in price in order to avoid the wastage of resources.
c. At $2, there would be excess quantity demanded, i.e. Qd · Qs = 12,000 · 4,000 = 8,000. This would lead to increase in price as a result of acute shortage in quantity supplied.
Answer: False
Explanation:
The six sigma DMAIC approach for process improvement is a way of improving performance in such a way that it makes the company more profitable as well as improving customer relations and satisfaction.
The DMAIC is an acronym that stands for the the steps in the process as seen in the graph attached.
The above statement about Developing and Evaluating Solutions to make a company perform better is not the final step in the process as it falls under the fourth step, which is to Improve.
The final step is Control. Here the main focus is on preserving what has been achieved. It works by monitoring the situation and ensuring that the process improves if a loophole is spotted.
