An Assembly Line Consists of 21 Tasks Grouped into 5

question 61

Multiple Choice

An assembly line consists of 21 tasks grouped into 5 workstations.The sum of the 21 task times is 85 minutes.The largest assigned cycle time is 20 minutes.What is the efficiency of this line?

• A)4.2 percent
• B)17 percent
• C)85 percent
• D)100 percent
• E)21 percent

Explain the evolution of money from barter to contemporary forms.

Understand the concept of double coincidence of wants in barter systems.

Analyze the impact of the variety of goods on the feasibility of barter and monetary exchanges.

Comprehend the nature and significance of commodity money and token money.

---

Definitions:

Profit

The financial benefit realized when revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the operation.

Total Output

The total amount of goods and services produced within an economy at a given overall price level in a given time period.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of the operation and output increases.

Coordination Problems

Challenges that arise in aligning the plans and actions of multiple parties in order to achieve a common goal or optimize outcomes.