Define Operations Management

question 8

Short Answer

Define operations management.

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Definitions:

Law of Diminishing Marginal Utility

The principle that as a person consumes more of a product, the satisfaction (utility) gained from consuming each additional unit decreases.

Diminishing Marginal Utility

is an economic principle stating that as a person increases consumption of a product, there is a decline in the additional satisfaction (utility) that person gains from consuming one more unit of the product.

Marginal Utility

The additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a good or service.

Marginal Utility

The increase in satisfaction or utility a consumer experiences from the consumption of one additional unit of a good or service.