CASE Scenario - Stephen Hedricks

question 128

Multiple Choice

CASE
Scenario - Stephen Hedricks
The promotion to first line manager took place just six weeks ago for Stephen Hedricks. He was well qualified for the promotion, but the new job still required a lot of training. One of the challenges has been to coordinate the production of his team with the needs of the sales department and with the availability of raw materials from his suppliers. Setting priorities and developing schedules to accomplish the work is a part of Stephen's job that he has really enjoyed. The challenges to maintain high rapport and to build a strong team with his employees have already brought him a lot of satisfaction. In reflecting about the last six weeks, Stephen concludes that he is very happy about his new job.
-In his job, Stephen needs to

• A) plan.
• B) organize.
• C) lead.
• D) control.
• E) all of these.

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Definitions:

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in the product's price.

Total Revenue

The gross income a corporation achieves by trading products or delivering services across a certain span of time.

Elastic Demand

A situation in which the demand for a product is sensitive to price changes, meaning a small change in price leads to a larger change in quantity demanded.

Price Elasticity

An indicator that measures the impact on the quantity of a good demanded when there is a change in its price level.