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Table 3-37
-Refer to Table 3-37. Sarah and Charles are both potters and each can switch between the production of vases and mugs at a constant rate. The table shows the total number of vases or decorative mugs that each person can produce in a six-hour session of producing pottery. Suppose that Sarah and Charles produce for two 6-hour sessions and they split this time equally between the production of vases and mugs. If they then produce for two 6-hour sessions and produce only the good that each person has the comparative advantage for, then total production of
Efficiency And Quality
Measures of how well resources are used to achieve objectives and the degree to which products or services meet customer expectations.
Customer Satisfaction
The measure of how products or services provided by a company meet or surpass customer expectation.
Traditional Measurement
A method of evaluating performance or progress using long-established standards or units.
Return On Investment
A measure used to evaluate the performance of an investment by dividing the net profit by the initial cost of the investment.
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