Refer to the Following Figure

question 4

Essay

Refer to the following figure:

a.This consumer experiences diminishing marginal utility starting with which slice of cheesecake?
b.What is this consumer's total utility after the second slice of cheesecake?

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Definitions:

Value-Stream Mapping

A lean management tool for analyzing the current state and designing a future state for the series of events that take a product or service from its beginning through to the customer.

Process Mapping

A visual representation of the sequence of actions or steps involved in the production or service process, used to analyze and improve efficiency.

Process-focused Shop

A manufacturing or service setting where operations are organized around particular processes or tasks to improve efficiency and flexibility.

Repetitive Manufacture

A production process characterized by the continuous, sequential production of identical products without significant changes in design or setup.