On January 4th, Stevens Manufacturing Received an Order for 30

question 75

Multiple Choice

On January 4th, Stevens Manufacturing received an order for 30 uniforms.The following information pertained to that order. Calculate the value-added time.

• A)385 hours
• B)350 hours
• C)390 hours
• D)390.75 hours

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Definitions:

Close Substitutes

Goods or services that can serve as replacements for each other with little loss of utility to the consumer.

OPEC Oil Cartel

An international organization of oil-producing countries that coordinates and unifies the petroleum policies of its member states to stabilize oil markets and prices.

Inelastic

Describing demand that does not significantly change with the price changes of a good or service.

Income Elasticities

Refers to the sensitivity of the demand for a good to changes in the income of the consumers who buy this good.