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Which of the following is false regarding the links between jit and quality? a. jit increases the cost of obtaining good quality. b. as quality improves, fewer inventory buffers are needed; in turn, jit performs better. c. jit reduces the number of potential sources of error by shrinking queues and lead times. d. inventory hides bad quality; jit immediately exposes it. e. if consistent quality exists, jit allows firms to reduce all costs associated with inventory.

What is inventory turnover? explain the effect of a high inventory turnover during the christmas shopping season.

Given the production function q=96(k^0.3)(l^0.7), find the mpk and mpl functions. is mpk a function of k alone, or of both k and l? what about mpl?