Examlex
Discuss quality tools and techniques that can be used to improve quality. Specifically describe the difference between inspection vs. poka-yoke as a quality assurance method. How do these methods relate to Ishikawa's "The Basic Seven" and statistical methods of quality control?
Perfectly Elastic
A market condition where demand or supply responds infinitely at a particular price level and zero elsewhere.
Elastic
Describes a situation where the demand for a good or service significantly changes in response to price changes, indicating sensitivity to price.
Midpoint Method
is a technique in economics used to calculate the elasticity of demand or supply, providing a more accurate measure by averaging the starting and ending points.
Elasticity of Demand
A measure of how sensitive the demand for a good or service is to changes in its price.
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