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You work at a small local bookstore that is losing business to big chain stores as well as to online booksellers. In order to improve your business, you plan to propose a new story hour for children to your boss.
-As you prepare to write your proposal, you think about its purpose. In this case, what need are you addressing and how do you propose to meet that need?
Wage Rate
The amount of compensation a worker receives per unit of time or per unit of output.
MRP
Material Requirements Planning is a system for planning production schedules and inventory needs.
Marginal Revenue Product
The additional income generated from using one more unit of a resource, used in economics to determine the optimal level of resource employment.
Profit-maximizing
A business strategy aimed at achieving the highest possible profit through adjusting production levels, pricing, or other operational methods.
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