A Product Requires 24 Separate Tasks, and the Sum of Those

question 115

True/False

A product requires 24 separate tasks, and the sum of those task times is 14 minutes; if the cycle time is 2 minutes, then at least 12 workstations will be needed.

---

Definitions:

Utility Function

A mathematical representation that ranks individuals' preferences for sets of consumption bundles.

Budget Equation

A financial formula that balances income and expenditures, often used in personal finance or government budgeting.

Maximize Utility

The goal of consumers in economic theory, aiming to achieve the greatest satisfaction possible from their resources and choices.

Marginal Utility

The change in satisfaction or utility that an individual gains from consuming an additional unit of a good or service.