Answered: 1. The Production/Operations function…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Question

1. The Production/Operations function is considered as the core function of the organization because:

A. It’s the function directly responsible for converting inputs into outputs of good and services

B. Most of the controllable assets of the organization are allocated to it

C. Both A and B

D. Neither A nor B

2. The user-based definition of quality is meaningful to

A. Product designers

B. Marketing personnel

C. Production personnel

D. Customer

3. This is much broader and long-term than competitive advantage.

A. Comparative advantage

B. Economic advantage

C. Absolute advantage

D. Strategic advantage

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

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