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:

Cold Nights

Periods of significantly lower temperatures occurring during the nighttime, often affecting environmental and biological processes.

Cacti

Desert plants known for their ability to store water, typically having thickened, fleshy parts adapted to conserve water and covered with spines for protection.

Plankton

Freshwater and marine organisms that are suspended on or near the surface of the water; includes phytoplankton and zooplankton.

Microscopic Organisms

Tiny living organisms, such as bacteria, viruses, protozoa, and some algae and fungi, that can only be seen with the aid of a microscope.