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Definitions of Productivity
1. Productivity is the relationship between output generated by a production or service system and the input provided to create the output.
2. The efficient use of resources (land, labour, capital, materials, energy, information, time) in the provision of services and the manufacture of products.
3. The relationship between results and the time it takes to accomplish them.
A chemical firm produces sodium bisulfate in 100-pound bags. Demand for this product is 20 tons per day. The capacity for producing the product is 50 tons per day. Setup costs $100
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