Toyota Uses a Just-In-Time Production Method to Respond to Consumer

question 75

Essay

Toyota uses a just-in-time production method to respond to consumer demand for its vehicles.In essence,it relies on various cues to signal when new vehicles should be made rather than stocking inventory.This allows Toyota to respond very quickly to changes in consumer demand.Explain whether this system makes elasticity of supply relatively price elastic or price inelastic.

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Definitions:

Voluntary

Voluntary refers to actions or movements made by conscious choice or decision, not compelled by external forces.

Muscle Action

The process of muscle fibers contracting and relaxing to produce movement in parts of the body.

Conscious Decision

A decision made with full awareness and deliberate thought, often involving consideration of potential consequences and alternatives.

Voluntary

An action or decision made based on an individual's own will or choice without external coercion.