During Requirements Structuring

question 64

Multiple Choice

During requirements structuring:

• A)an E-R model represents conceptual data requirements for a particular system
• B)the conceptual E-R data model is refined before it is translated into a logical format from which database definition and physical database design are done
• C)an enterprise-wide data model with very broad categories of data and little detail is prepared
• D)a specific E-R model is built to help explain the scope of a particular systems analysis and design effort

Distinguish between short-run and long-run production and cost functions.

Evaluate the effect of input price changes on firms' cost curves and competitive position.

Understand the relevance of opportunity cost in economic decision-making.

Analyze the implications of additive manufacturing (3-D printing) on manufacturing economics and scale.

---

Definitions:

Least Elastic

Describes a situation where there is the smallest responsiveness of the quantity demanded or supplied to changes in price, typically associated with goods and services for which there are no close substitutes.

Price Sensitive

A term describing how the demand for a product changes in response to price changes; consumers are highly reactive to changes in price.

Elastic Demand

A situation in which the demand for a product or service significantly changes in response to a change in its price.

Elasticity of Demand

A measure of how responsive the quantity demanded of a good or service is to a change in its price.