Before lean manufacturing innovations, Japan mostly sold consumer electronics to the United States. How did lean manufacturing innovations alter Japan’s comparative advantage vis-à-vis USA.? Concept Introduction: Lean Manufacturing: Lean manufacturing or simply lean refers to a systematic method for waste minimization within a manufacturing system without the loss of productivity. A more precise definition of the term is “doing more with less by employing 'lean thinking.' Lean manufacturing involves never-ending efforts to eliminate or reduce waste in design, manufacturing, distribution, and customer service processes.” Waste in this context is defined as any activity that does not add value to the customer or for which the customer is not willing to pay. In lean manufacturing there are seven types of waste: Over-production against plan Waiting time of operators and machines Unnecessary transportation Waste in the process itself Excess stock of material and components Non-value-adding motion Defects in quality Comparative Advantage: In international trade, if a country can produce goods and services at a lower opportunity cost than other countries, it is said to have a comparative advantage.

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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

Chapter 2, Problem 3QFT

To determine

Before lean manufacturing innovations, Japan mostly sold consumer electronics to the United States. How did lean manufacturing innovations alter Japan’s comparative advantage vis-à-vis USA.?

Concept Introduction:

Lean Manufacturing:

Lean manufacturing or simply lean refers to a systematic method for waste minimization within a manufacturing system without the loss of productivity. A more precise definition of the term is “doing more with less by employing 'lean thinking.' Lean manufacturing involves never-ending efforts to eliminate or reduce waste in design, manufacturing, distribution, and customer service processes.”

Waste in this context is defined as any activity that does not add value to the customer or for which the customer is not willing to pay. In lean manufacturing there are seven types of waste:

Over-production against plan

Waiting time of operators and machines

Unnecessary transportation

Waste in the process itself

Excess stock of material and components

Non-value-adding motion

Defects in quality

Comparative Advantage:

In international trade, if a country can produce goods and services at a lower opportunity cost than other countries, it is said to have a comparative advantage.

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Sue is a sole proprietor of her own sewing business. Revenues are $150,000 per year and raw material (cloth, thread) costs are $130,000 per year. Sue pays herself a salary of $60,000 per year but gave up a job with a salary of $80,000 to run the business. ○ A. Her accounting profits are $0. Her economic profits are - $60,000. ○ B. Her accounting profits are $0. Her economic profits are - $40,000. ○ C. Her accounting profits are - $40,000. Her economic profits are - $60,000. ○ D. Her accounting profits are - $60,000. Her economic profits are -$40,000.

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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

Chapter 2, Problem 3QFT

To determine

Before lean manufacturing innovations, Japan mostly sold consumer electronics to the United States. How did lean manufacturing innovations alter Japan’s comparative advantage vis-à-vis USA.?

Concept Introduction:

Lean Manufacturing:

Lean manufacturing or simply lean refers to a systematic method for waste minimization within a manufacturing system without the loss of productivity. A more precise definition of the term is “doing more with less by employing 'lean thinking.' Lean manufacturing involves never-ending efforts to eliminate or reduce waste in design, manufacturing, distribution, and customer service processes.”

Waste in this context is defined as any activity that does not add value to the customer or for which the customer is not willing to pay. In lean manufacturing there are seven types of waste:

Over-production against plan

Waiting time of operators and machines

Unnecessary transportation

Waste in the process itself

Excess stock of material and components

Non-value-adding motion

Defects in quality

Comparative Advantage:

In international trade, if a country can produce goods and services at a lower opportunity cost than other countries, it is said to have a comparative advantage.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

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Answer 3

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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

Chapter 2, Problem 3QFT

To determine

Before lean manufacturing innovations, Japan mostly sold consumer electronics to the United States. How did lean manufacturing innovations alter Japan’s comparative advantage vis-à-vis USA.?

Concept Introduction:

Lean Manufacturing:

Lean manufacturing or simply lean refers to a systematic method for waste minimization within a manufacturing system without the loss of productivity. A more precise definition of the term is “doing more with less by employing 'lean thinking.' Lean manufacturing involves never-ending efforts to eliminate or reduce waste in design, manufacturing, distribution, and customer service processes.”

Waste in this context is defined as any activity that does not add value to the customer or for which the customer is not willing to pay. In lean manufacturing there are seven types of waste:

Over-production against plan

Waiting time of operators and machines

Unnecessary transportation

Waste in the process itself

Excess stock of material and components

Non-value-adding motion

Defects in quality

Comparative Advantage:

In international trade, if a country can produce goods and services at a lower opportunity cost than other countries, it is said to have a comparative advantage.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

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

Chapter 2, Problem 3QFT

To determine