Examlex
Suppose operation X feeds directly into operation Y. All of X's output goes to Y, and Y has no other operations feeding into it. X has a design capacity of 80 units per hour and an effective capacity of 72 units per hour. Y has a design capacity of 100 units per hour. What is Y's maximum possible utilization?
Phantom Tickets
Tickets for an event that are sold but are either nonexistent or vastly oversold, often associated with fraudulent or speculative selling practices.
Minimum Price
The lowest legal price at which a good or service can be sold, often set to ensure producers can cover their costs.
Total Producer Surplus
The difference between the total revenue that producers receive and the minimum amount they would be willing to accept for their goods or services.
Producer Surplus
The difference between the amount producers are willing to sell a good for and the actual amount they receive due to market price.
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