Examlex
The FMS-type process is used most effectively when it acts like a custom shop or a job shop or even the flow shop.
Marginal Utility
The change in satisfaction or utility received by consuming an additional unit of a good or service.
Total Utility Function
A mathematical representation of the total satisfaction received from consuming a certain amount of goods or services.
Risk-Averse
A characteristic of individuals who prefer to avoid risk and would rather choose an option with a more certain but possibly lower return over an uncertain option with a potentially higher return.
Total Utility
The total satisfaction received from consuming a certain quantity of goods or services.
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