: A plant produces three product lines: A, B, and C. There are 6 models within product line A, 4 models within B, and 8 within C. Average annual production quantities of each A model is 500 units, 700 units for each B model, and 1100 units for each C model. Determine the values of (a) P and (b) Qf for this plant

A. Value of P (product variety) = 18

B. Value of Qf (production quantity) = 14,600

Explanation:

A product line may be explained as a group of related products all marketed under one name that's sold by an equivalent company. Companies sell multiple product lines under their various brand names, seeking to differentiate them from one another for better usability for consumers.

Companies often expand their offerings by adding to existing product lines because consumers are more likely to get products from brands with which they're already familiar.

Product lines are created by companies as a marketing strategy to capture the sales of consumers who are already buying the brand.

Product variety (P), refers to the number of different product designs or types that are produced in a plant.

Production quantity Q, refers to the number of units of a given part or product produced annually and can be low, medium or high.

Find the attached sheet for mathematical explanations. In the attached sheet;

P is product variety; P1 is the number of distinct product lines produced by

the factory (in other words, hard product variety); P2 is the number of models in a

product line (in other words, soft product variety); and j is product or part style.

Qf is production quantity (f refers to factory); Qj annual quantity of style j; P is product variety; and j is product or part style.:

answer; microeconomics;