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question 89

Multiple Choice

 Number of worker (per hour)  total output(per hour)  marginal physical product (output per worker)  total revenue(dollars per hour)  marginal revenue product (dollars per worker)
1 4 ......  ______  ........
2 10   ______   ______  ______
3 15   ______   ______   ______
4 19   ______   ______   ______
5 22   ______   ______   ______

Table 30.3
Assume that the product price is $4 per unit and that the hourly wage for workers is $12.Neither price nor wage changes with output.In Table 30.3, the marginal revenue product of the second worker hired is


Definitions:

Inventory Holding Cost

The total cost incurred by holding inventory, including storage, insurance, spoilage, and opportunity costs.

Carrying Costs

Expenses associated with maintaining inventory, including storage, insurance, and opportunity costs.

Cycle Counting

An approach to stock audit where a limited selection of the inventory at a defined site is enumerated on a chosen date.

Service Level

A measure of the performance of a service system, often defined in terms of responsiveness to customer needs and reliability.

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