Analytics Are Quantitative Tools to Aid Supply Chain and Operations

question 83

True/False

Analytics are quantitative tools to aid supply chain and operations professionals to analyze data and to make better decisions.

Understand the developmental implications of brain myelination and synaptic pruning in early childhood.

Understand the legal implications of misrepresentation and breach of warranty in sales.

Differentiate between ethical and unethical sales practices.

Recognize the legal boundaries of sales promotions and statements.

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Definitions:

Total Surplus

Total surplus is the sum of consumer surplus and producer surplus in a market, representing the total benefits to society, including both the gains from trade to buyers and sellers.

Gains from Trade

The benefits obtained by countries from engaging in international trade, often resulting from specializing in the production of goods for which they have a comparative advantage.

Equilibrium

The point at which the quantity of a good or service demanded equals the quantity supplied, determining the market price.

Total Surplus

In a market, the complete societal benefits are represented by the combined value of consumer and producer surplus.