1. Questions and Problems 1 Marginal social costs (MSC) will be equal to marginal private costs (MPC) when marginal external costs (MEC) , and marginal social benefits (MSB) will be equal to marginal private benefits (MPB) when marginal external benefits (MEB) .

Draw a flowchart for a process of interest to you, such as a quick oil-change service, a factory process you might have worked in, ordering a pizza, renting a car or truck, buying products on the internet, or applying for an automobile loan. identify the points where something (people, information) waits for service or is held in work-in-process inventory, the estimated time to accomplish each activity in the process, and the total flow time. evaluate how well the process worked and what might be done to improve it.