The 5S Category Simplify/straighten Means: "When in Doubt, Throw It

question 107

True/False

The 5S category simplify/straighten means: "When in doubt, throw it out."

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Definitions:

Diminishing Returns

A principle stating that as more of a variable input is added to a fixed input, beyond some point, the additional output from the additional input will decrease.

Marginal Cost

The financial outlay required to create another unit of a good or service.

Average Total Cost

The total cost of production (fixed plus variable costs) divided by the number of goods produced, essentially the per unit production cost.

Average Variable Cost

The total variable costs (like materials and labor) divided by the quantity of output produced, indicating the cost of producing each unit.