What Is Group Technology and What Advantages Are Accrued from Its

question 95

Essay

What is group technology and what advantages are accrued from its use?

---

Definitions:

MR

Marginal Revenue, which is the increase in revenue resulting from the sale of one additional unit of a product.

Output Level

The amount of output produced by a firm or an industry within a certain period.

Demand Curve

An illustrated diagram indicating how consumer demand for a product varies with changes in its price.

Output Quantity

The amount of goods or services produced by a company, industry, or economy within a specific period.