1. A company has 1,000 obsolete parts that were manufactured at a cost of $50,000. They can be reworked for $20,000 and sold for $30,000, or they can be sold as-is for $5,000. Assuming the parts are reworked and sold, what is the opportunity cost?

2. One measure of quality that is used often by companies is the average wait time. Class, why is this measurement important to a company?