A. State in your own words what Little’s Law means.
Describe an example that you have observed where little’s
Law applies.
B. “You don’t inspect quality into a product; you have
to build it in.” Discuss the implications of this statement
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Suppose the price elasticity of demand for Text books is two and the price of the text book is increased by 10%. By how much does the Quantity demand fall? Inter the result and discuss reasons for the fall in quantity demand?
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