Understanding the least-cost rule bob runs a surfing school on the north shore of oahu. he has two inputs: surfboards, which he rents from a local shop for $12 per day, and surfing instructors, whom he hires for $40 per day. bob has figured out that the marginal physical product (mpp) of the last instructor hired is 24 lessons, and the mpp of the last board used is 6 lessons.

which of the following statements is correct?
a. any of these answers may be right, depending on the price of a lesson.
b. bob could lower his costs without reducing his output if he employed more instructors and used fewer surfboards.
c. bob currently employs a cost-minimizing combination of surfboards and instructors.
d. bob could lower his costs without reducing his output if he employed fewer instructors and used more surfb

forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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