Flynn Company has a JIT system in place. Each manufacturing cell is dedicated to the production of a single product or major subassembly. One cell, dedicated to the production of guitar pickups, has four operations: machining, finishing, assembly, and testing.
For the coming year, the pickup cell has the following budgeted costs and cell time (both at theoretical capacity):
During the year, the following actual results were obtained:
Definitions:
Autonomous C
Spending by consumers that does not depend on current income levels, such as basic needs or contractual obligations.
Disposable Income
The budget households have for saving and spending activities after income taxes deductions.
Induced Consumption
Consumer spending that increases as income rises, and decreases when income falls, reflecting a direct relationship between income and consumption.
Consumption Function
An economic formula that represents the relationship between total consumption and gross national income.
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