If a One Percent Increase in the Price of Oranges

question 151

Multiple Choice

If a one percent increase in the price of oranges leads to a five percent increase in the quantity supplied, the price elasticity of supply for oranges is ________.

• A)1/5
• B)1/2
• C)5
• D)2

Recognize the importance of flexibility in aggregate planning due to the inaccuracies in forecasts.

Identify major software vendors that provide advanced planning systems and their relevance to aggregate planning.

Comprehend the historical evolution of supply chain software and its impact on aggregate planning.

Understand the need for and methods of communication in the supply chain regarding the aggregate plan.

---

Definitions:

Boxplot

A graphical representation of data points that displays the distribution's quartiles, median, and potential outliers.

Five-Number Summary

A concise statistical summary comprising the minimum, first quartile, median, third quartile, and maximum of a data set.

Stem-and-Leaf Plot

A graphical representation of a data set where each data value is split into a "stem" and a "leaf", allowing for easy visualization of data distribution.

Histogram

A graphical representation of the distribution of numerical data, often used to depict the frequency of data points in successive intervals.