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Manufacturing planning wants to estimate plant capacity in order to schedule customer orders and improve on-time delivery.A random sample of ten days output gave the following results for numbers of finished components produced: 577,642,615,655,600,570,640,620,595,and 575.Planning is concerned about the variability of daily output and views as undesirable any variance above 525.
-Calculate the sample variance.
Supply
The aggregate supply of a certain item or service made available for consumer purchase.
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its sensitivity to price changes.
Midpoint Method
A technique used to calculate the price elasticity of demand or supply, avoiding the problem of using different base values for percentage calculations.
Supply
The total amount of a product or service available for purchase at any given price point.
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