Answer:
a) demand curve and demand schedule
Explanation:
A demand schedule is actually a table while a demand curve is a graph. Understanding the difference between the two of them is important in answering this question but both show different quantities of goods that consumers are willing to buy at different prices. An important assumption is that other factors affecting the quantity demanded are held constant. In summary, a demand schedule shows this relationship in a tabular form while demand curve shows it in a graphical form.
Answer:
Allocative inefficiency.
Explanation:
Factors of production can be defined as the fundamental building blocks used by individuals or business firms for the manufacturing of finished goods and services in order to meet the unending needs and requirements of their customers.
In Economics, there are four (4) main factors of production and these are;
I. Land.
II. Labor (working).
III. Capital resources.
IV. Entrepreneurship.
When these aforementioned factors of production are combined effectively and efficiently, they can be used for the manufacturing or production of goods and services to meet the unending requirements or needs of the consumers.
Basically, there are two (2) types of inefficiency associated with the production of goods and services to meet the unending requirements or needs of consumers, these includes;
1. Technical (productive) inefficiency: it occurs when a company or business firm produce goods and services that consumers do not want. This is typically as a result of the incorrect and inefficient allocation of scarce resources by a business firm or entity.
2. Allocative inefficiency: it occurs when a company or business firm do not maximise output from the given inputs such as raw materials, capital, etc. Thus, it arises when businesses fail to increase the level of their production or productivity from a number of given inputs.
Hence, when a business do not maximise output from the given inputs, it is referred to as an allocative inefficiency.
<em>In conclusion, allocative inefficiency typically occurs when the price of a good or service isn't equal to its marginal cost i.e P ≠ MC.</em>
Answer and Explanation:
The number of packets of waffles is W
and the number of muffins are M
The weight of dough is 250 pound and a pack of muffins requires 1 lb of dough whereas a pack of waffles uses 3/4 lb of dough.
3÷4W+M≤250
Multiplying both sides by 4
3W+4M≤1000
It takes bakers 6 minutes to make a packer of waffles and 3 minutes to make a pack of muffins, the total time available is 20 hours or 1200 minutes.
3M+6M≤1200
Minus the initial equation from the new equation:
(3M+6M≤1200)−(3W+4M≤1000)
2M≤200
Dividing equation by 2
M≤100
For M≤100
3W+4M≤1000
3W≤1000−4M
For the Maximum values of M
the least value of W is obtained
3W≥1000−4×100
3W≥600
Dividing the equation by 3
W≥300
For maximum profit, the number of waffles and muffins is taken as 300 and 100 respectively :
1.5∗300+2∗100
=650
Answer:
C.
Explanation:
Is a temporary assembly-line-oriented arrangement of machines and personnel in what is ordinarily a process-oriented facility.
Workcells are designed to improve the process flow and eliminating waste.
Characteristics:
- Reorganizes people and machines into groups to focus on single products or product groups.
- Group technology identifies products that have similar characteristics for particular cells.
- Volume must justify cells.
- Cells can be reconfigured as designs or volume changes.
Requirements:
- Identification of families of products.
- A high level of training and flexibility on the part of employees.
- Either staff support or flexible, imaginative employees to establish work cells initially.
