The option that most accurately describes your company's production operations is:
- Standard and superior materials are sourced from outside suppliers at "base" prices that are currently $6 per pair for 100% use of standard materials and $12 per par tor 100% use of superior materials, however, these base prices can vary up or down according to the strength of global demand for footwear materials and the global percentage usage of standard versus superior materials
<h3>What is the production operations?</h3>
Production and operations is said to be the management of works and operations that are said to be used by businesses in regards to production of their goods and services.
Hence the Standard and superior materials are sourced from outside suppliers at "base" prices that are currently $6 per pair for 100% use of standard materials and $12 per par tor 100% use of superior materials, however, these base prices can vary up or down according to the strength of global demand for footwear materials and the global percentage usage of standard versus superior materials
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Answer:
The correct answer to the following question will be "3".
Explanation:
The given values are:
Percentage demand,
= 6% i.e., .06
Percentage change in the price,
= 2% i.e., .02
Now,
Own-price elasticity of demand will be:
=
On substituting the estimated values, we get
=
=