The Manufacture of a Product Requires Five Sequential Steps

question 50

Essay

The manufacture of a product requires five sequential steps.The reliability of each of the steps is 0.97, 0.88, 0.95, 0.92 and 0.99, respectively.What is the reliability of the manufacturing process (system)?

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Definitions:

Price Elastic

Describes how sensitive the demand for a good or service is to changes in its price.

Income Elasticity

A measure of how much the demand for a good or service changes in response to a change in the income of consumers.

Demand Is Elastic

A situation where the quantity demanded of a product changes significantly with a change in its price.

Total Revenue

The overall amount of money earned by a firm from the sale of its products or services before any costs are subtracted.