Pierre's Motorized Pirogues and Mudboats is setting up an acceptance sampling plan for the special air cleaners he manufactures for his boats. His specifications, and the resulting plan, are shown on the POM for Windows output below. In relatively plain English (someone else will translate for Pierre), explain exactly what he will do when performing the acceptance sampling procedure, and what actions he might take based on the results.
Definitions:
Savings
The portion of disposable income not spent on consumption of goods and services, set aside for future use or for investment.
Disposable Income
The financial resources available to a household for saving and spending after subtracting income taxes.
Consumption
The part of income or the amount of wealth that is used for purchasing goods and services for personal use.
APC
The Average Propensity to Consume indicates the share of income used for consumption purposes.
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