The 2nd unit of a 10-unit job took nine hours to complete. The 6th unit has been worked on for two hours, but is not yet finished. Estimate the additional amount of time needed to finish the 6th unit if the work has a 70% learning curve slope O a. 5.114 hours O b. 3.113 hours c. 3.258 hours

The 2nd unit of a 10-unit job took nine hours to complete. The 6th unit has been worked on for two hours, but is not yet finished. Estimate the additional amount of time needed to finish the 6th unit if the work has a 70% learning curve slope O a. 5.114 hours O b. 3.113 hours c. 3.258 hours

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter8: Cost Analysis

Section: Chapter Questions

Problem 9E

See similar textbooks

Related questions

Q: If AFC is $9 at an output of 100 units, and ATC s $11 at the same output, it follows that: TVC is…

A: there are mainly two type cost , Fixed Cost and Variable cost , Average cost is the per unit cost…

Q: Total Cost AVC AFC ATC MC -- -- 1 25 40 65 a5 20 16 20 216 25 29 3 15 20 25 4 105 145 4 (15) For any…

A: Since you asked for only drawing the diagram, we are doing that only.

Q: Practice question: Differentiate the following function: 13 y = 5x 3/2 Solution: Using the power…

A: In economics, differentiation concept is used to set some constraint related to economic variables…

Q: manufacturer produces certain items at a labor cost per unit o P 315, material cost per unit IS P…

Q: The Cobb-Douglas production function for a particular product is N(xy) = 80x"y where x is the number…

A: Production function: N (x,y) = 80x0.7y0.3 Wage per labor (w) = $80 Rent per capital (r) =…

Q: our firm has discovered a cheap and efficient technology of turning used plastic bottles and bags…

A: 2000 helmets are sold every year at a price of $10 per helmet. Hence the total revenue earned from…

Q: Marginal cost is plotted (as an approximation) halfwa between successive units of output. a. True O…

A: Total cost: Total cost refers to the cost that includes fixed cost and variable cost. Here, fixed…

Q: Question A company produces and sells 6, 400 recliners each year. Each production run has a fixed…

A: Given: The total number of recliners produced and sold by a company is = 6,400 recliners The fixed…

Q: Show the total cost expression and calculate the EOQ for an item with holding cost rate 18%, unit…

A: Formula where; D= annual demand S= Ordering cost H= Holding cost C= Per unit cost Here; Holding…

Q: ECONOMIC vS. ACCOUNTING COSTS The cost curves we observed here are based on real production…

A: The markets are the place where the buyers of products tend to meet and interact with the seller of…

Q: Calculate the time required to produce the hundredth unit of a production run if the first unit took…

A: A learning curve is an industrial tool or formula used for calculating the reduction (expected) in…

Q: The total cost of an MBF plant is 35,000 units if it produces 500 products, and a total cost of…

A: Given information When Q=500, Total cost =35000 When Q=1000, Total Cost=6000 P=100

Q: Consider the following production functions:Q50KaOs BO G) find the value of a when K- 1, L= 1 G)…

A: Given; Production function; Q=150K0.7L0.5 i) If the value of K=1 and L=1, then; Q=150K0.7L0.5…

Q: Which of the following types of cost are always relevant to a decision? 10 Multiple Cholce Ask Sunk…

A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…

Q: 11. For the cost function CIO) = 100 - 20 - 302, the total variable cost of producing 2 units of…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Ouput Total Cost $24 1 33 2 41 48 4 54 61 69 The TVC for Stelco Corporation of producing 6 units of…

A: Fixed cost is independent of output produced thus the required fixed cost at all units of production…

Q: Determine the hourly cost of lubrication for a hydraulic excavator that requires the following for…

A: Total cost is the sum of fixed and variable costs.

Q: Give the formulas for and plot AFC, MC, AVC adn AC if the cost function is C=10 + 10q -4q2-q3.…

A: We are going to identify average cost, marginal cost to solve this question.

Q: For a given commodity, the line haul cost is $13 per mile. For a trip of 200 milesand a shipment of…

A: Answer - Given in the question - Line haul cost = $13 per mile Need to find - Cost for For a trip of…

Q: Marc is paid on a graduated commission scale. For the first $10,000 of sales his commission is…

A: There are various schemes being offered by various organisations in order to increase the sale…

Q: Refer to Table Cost.EX2. When production is 3 units, the firm's average total cost is about O No…

A: Total cost is the sum of total fixed costs and total variable costs. Average total costs is total…

Q: Carlota Music Company estimates that the marginal cost of manufacturing its Professional Series…

A: As given marginal cost is C'(X) = 0.02X +100 and Fixed cost = $4000/ month

Q: Q.(i) . Selling Price :Rs. 12 Per Unit Variable Cost : 2/3 of SP Fixed Cost :Rs. 40,000 You are…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: Please examine the table below. What is the Average Total Cost (ATC) of the fourth unit? Total…

A: Total cost is the cost faced by the producer for producing the goods and services and the Average…

Q: 11. A certain machine was $15,000 in year 2000 when the cost index was 1092. If the cost index now…

A: C2=C1Q2Q1xItI0 where C1 is the cost of machine in previous year C2 is cost of machine now Q2/Q1…

Q: Which of the following cost functions exhibits cost complementarity? why? A -302- 4018. 50102 - 01…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Which of the following cost functions exhibits cost complementarity? A 240,02 - 80. B. 7402- 80 D.…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: A fırm has the production function: q = 20L04K0.8 With L=20 and K=24, what is the MRTS? Provide your…

A: Given: Production Function : q=20L0.4K0.8 L=20 & K=24

Q: The lawn ranger , a landscaping company , has total costs of $5,000 and total fixed cost of $3000…

A: Given information: Total costs = $5000 Total fixed cost = $3000 TC = TFC+TVC 5000 =…

Q: The following data relate to factory overhead cost for production of 7,000 computers Actual Variable…

A: Answer 1)

Q: You are setting up a new production line for a new type of delivery drones. You observed that the…

A: (Q) You are setting up a new production line for a new type of delivery drones. You observed that…

Q: Which of the following statements related to cost estimation methods is false? a. The three methods…

A: Cost estimation accounts for each of the element being required for the project and in turn…

Q: Currently, your unit labor cost is $9.40 and you have an automation rating of 4. You change the…

A: Given the following information: *Unit labor cost at present =$9.40*Automation rating increases from…

Q: 1-16 Ray Bond sells handcrafted yard decorations at county fairs. The variable cost to make these is…

A: The production level at which the costs are equal to the revenues for a product is known as the…

Q: 10. For the cost function CQ) = 100o - 20 - 302, the average fixed cost of producing 2 units of…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Refer to Table Cost.EX2. When production is 3 units, the firm's average total cost is about O No…

A: total cost is the total cost which is incurred by producer in producing goods and services , it…

Q: Which of the following cost functions exhibits cost complementarity? why? A -302 - 4018. 50102- 01C.…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: can be shown as P = 3 000 - 100Q. It has fixed costs of R1 000 and additional cost per unit produced…

A: The marginal cost is the change in the total cost that arises when the quantity produced is…

Q: The lawn ranger , a landscaping company , has total costs of $15,000 and total fixed cost of $13000…

A: The provided information are: Total costs = $5000 Total fixed cost = $3000

Q: Cost Volume $15,000 3,000 $18,000 4,000 $20,000 7,000 The fixed cost element for the firm is a.…

A: Mixed costs have a combination of FC as well as VC. They have a some fixed element irrespective of…

Q: A certain company has a selling price of for their product of 1500-3/4x dollars per unit and fixed…

A: FC = $800 , Variable Cost = 1/4 x+1210 Total Cost (TC) = Fixed cost + Variable cost Xquantity Total…

Q: Student tuition at Boehring University is $180 per semester credit hour. The state supplements…

A: In economics, productivity refers to the quantity of output produced per unit input. Productivity is…

Q: If the average fixed cost of seven tubs of ice cream is $50, the total cost of zero tubs is: Oa.…

A: Average fixed cost refers to the cost that remains same through out the level of outputs that is it…

Q: NUBD, is beginning the production of a new product. Management believes that 500 labor hours will be…

A: A learning curve is a concept that graphically displays the relationship between cost and production…

Q: Cost LRAC 40 30 20 N 10 100 200 400 800 Output a. What is the cost per unit when the firm produces:…

A: Total Cost per unit of output is also called average cost. The figure shows long run run Average…

Q: The difference between variable cost and fixed cost is that Select one: a. fixed cost is paid even…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Molowing statoments is true? O An explicit cost is more important, dolar for dollar, than an…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: A manufacturer of handcrafted wine racks has determined that the cost to produce x units per month…

A: The total cost of production is defined as the total monetary value of all the inputs used by the…

Q: ISR (intelligence, Surveillance & Reconnaissance) is performed by fixed-wing aircraft (still Auroran…

Question

The 2nd unit of a 10-unit job took nine hours to complete. The
6th unit has been worked on for two hours, but is not yet
finished. Estimate the additional amount of time needed to
finish the 6th unit if the work has a 70% learning curve slope
O a. 5.114 hours
O b. 3.113 hours
O c. 3.258 hours
O d. 4.143 hours
O e. 6.143 hours

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

A jeweler has hired a craftsman to make handmade jewelry. All items produced are identical, but the jeweler notes that the 15th item produced costs $425 while the 30th item produced costs $375. What is the percentage change in labour cost when output is doubled from 15 to 30? a.-11.8% b.13.3% c.-13.3% d.11.8% e.88.2%
Luther’s company has just received an order for 1,200 of its Flying Z machines. The customer wants 350 of them next year, 400 the year after, and the balance in the third year. Luther estimates that after one year of production, the average worker with this one year of experience can produce 12 machines per year. However, new workers are 25% less productive in the first year. He has 25 workers with at least one year of experience to work on the first year’s order. He will need to hire new workers for any production that exceeds what these workers can produce. To further complicate matters, he believes 10% of his current experienced workforce will turnover at the end of the first year and the number of workers from his current workforce should remain steady after that. His history also shows that only 75% of new hires stay after their first year. Given these facts, how many total people should Luther plan to hire over the duration of this order? Please solve in excel. Group of answer…
Luther’s company has just received an order for 1,200 of its Flying Z machines. The customer wants 350 of them next year, 400 the year after, and the balance in the third year. Luther estimates that after one year of production, the average worker with this one year of experience can produce 12 machines per year. However, new workers are 25% less productive in the first year. He has 25 workers with at least one year of experience to work on the first year’s order. He will need to hire new workers for any production that exceeds what these workers can produce. To further complicate matters, he believes 10% of his current experienced workforce will turnover at the end of the first year and the number of workers from his current workforce should remain steady after that. His history also shows that only 75% of new hires stay after their first year. Given these facts, how many total people should Luther plan to hire over the duration of this order? SHOW WORK ON EXCEL A. 19 B.22 C.45 D.36
You are setting up a new production line for a new type of delivery drones. You observed that the cost for the 10th unit was $5384.97 and the cost for the 80th unit was $3079.05What is the K for the learning curve model of this production line?
According to Accountants cost of production consist of both explicit and implicit cost ----a) Yes.b) Not surec) Falsed) none of the mentioned
Engle sells Lebanese sandwiches. The cost of ingredients (bread, meat, spices, etc.) to make a sandwich is US$2. Engle pays her employees US$60 per day. She also incurs a fixed cost of US$120 per day. What is Engle's total cost per day when she does not produce any sandwiches and does not hire any workers? $120 $2 $0 $60
Q40 Which of the following paired concepts are equivalent to each other? a. Increasing returns; diseconomies of scale. b. Constant costs; economies of scale. c. Increasing costs; economies of scale. d. Increasing returns; increasing costs. e. Increasing returns; decreasing costs. Clear my choice
Please indicate which multiple choice awnser is correct for question 1.1)1.2)1.3)Please indicate it correctly as I have had this awnsered with different letters to the awnser I was told 1.1 - A firm trebles its inputs and discovers that its output rises by a factor of four. This is an example of;Select one or more:a. constant returns to scaleb. diminishing returns to a variable factor c. increasing returns to scaled. economies of scale1.2 - Diseconomies of scale are present when.... Select one or more:a. marginalcostsriseb. long run average costs rise as output rises c. totalcostsfallasoutputrisesd. total costs rise as output rises 1.3 - If the demand for a firm’s product is price inelastic, this implies that Select one or more: a. price changes have no impact on quantity demandedb. a fall in price of 3% will lead to a decline in quantity demanded of more than 3%c. a rise in price will raise total expenditure on the goodd. a 5% rise in price will result in a fall in quantity…
Ella Co. uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. For the month of October, Ella's estimated manufacturing overhead cost was P300,000 based on an estimated activity level of 100,000 direct labor-hours. Actual overhead amounted to P325,000 with actual direct labor-hours totaling 110,000 for the month. How much was the overapplied or underapplied overhead? Answer Format: 1,000 overapplied or 1,000 underapplied
NUBD, is beginning the production of a new product. Management believes that 500 labor hours will be required to complete the new unit. An 85 percent incremental unit-time learning curve model for direct labor hours is assumed to be valid. Assume the q = -0.2345. What is the total hours for 3 units? a. 1,251 b. 695.61 c. 786.87 d. 552.71
If a person performing a task has been achieving an 75 percent learning curve and if it took 53 minutes to produce the first unit, the total time to produce 800 units will be 4165.3 minutes. True False
Your firm has discovered a cheap and efficient technology of turning used plastic bottles and bags into various products. You limit your attention to the following two production options: you can produce plastic utensils or helmets. In the "utensils" case your estimat ann revenue $25,000, while production will cost you $8,000. However, in your "helmets" option, you expect to sell 2000 helmets every year at $10 each and the average total cost of every helmet will be $3. What is your accounting ?profit if you decided to produce helmets