Identify JIT Scheduling Tactics

question 115

Essay

Identify JIT scheduling tactics.

---

Definitions:

MR = MC

An economic principle stating that optimal production level is reached when marginal revenue equals marginal cost.

Marginal Cost

The cost required to produce a subsequent unit of a product or service.

Marginal Cost Curve

A graphical representation showing how the cost of producing one additional unit of a good changes as production volume changes.

Short-run Supply

The total quantity of goods or services that producers are willing and able to sell at a given price in a short period.