Learning Curves Will Help Managers Develop More Accurate Estimates of Labor

question 88

Multiple Choice

Learning curves will help managers develop more accurate estimates of labor and material costs that are incurred during the production cycles.This statement is an application of learning curves in which of the following functions?

• A)workforce planning and scheduling
• B)cost estimation and budgeting
• C)new product pricing
• D)procurement negotiations in supply chains

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually do pay.

Producer Surplus

The discrepancy between the price at which producers are inclined to sell a product and the actual price they get, frequently viewed as an indicator of the well-being of producers.

Tax

A mandatory monetary fee or a different kind of tax placed on an individual or entity by a government agency.

Producer Surplus

The gap between the minimum amount that sellers are prepared to accept for a product or service and the higher price they actually get.