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Joe the Manager (Scenario)
As a production supervisor, Joe decides on Friday afternoon how many units of output his employees should produce next week, as well as which products will be produced on which days in the department. He also decides which employees are going to be responsible for operating which machines, since all his subordinates are multi-skilled assemblers. On Monday, he hands out work assignment sheets to inform the employees about which machines each will operate for the week. Joe also announces that the schedule will be challenging because of an increase in the targeted number of output units. He encourages his subordinates by telling them that he is confident they will achieve the production targets because they are such hard-working and skilled employees. Then, during the week, he monitors the daily production output and records the number of units that successfully achieved the company's quality standards, as well as the number of units that were unsatisfactory and had to be scrapped.
-When Joe decides which employees will be responsible for operating which machines,he is performing the management function of ________.
Price Elasticity
A parameter for gauging the response of demand to price variations of a product.
Excise Tax
A tax levied on the sale or consumption of specific goods or services, such as alcohol, tobacco, and gasoline.
Taxable Income
The amount of an individual's or corporation's income used to determine how much tax is owed to the government.
Progressive Income-tax
A tax system where the tax rate increases as the taxable amount increases, typically imposing higher taxes on higher income earners.
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