The time to assemble the first unit on a production line is 17 hours. The learning rate is 0.89. Approximately how long will it take for the seventh unit to be assembled? The number of hours needed for the seventh unit to be assembled is hours. (Round to one decimal place.)

The time to assemble the first unit on a production line is 17 hours. The learning rate is 0.89. Approximately how long will it take for the seventh unit to be assembled? The number of hours needed for the seventh unit to be assembled is hours. (Round to one decimal place.)

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

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Concept explainers

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.

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The time to assemble the first unit on a production line is 17 hours. The learning rate is 0.89. Approximately how long will it take for the seventh unit to be assembled?
The number of hours needed for the seventh unit to be assembled is
hours. (Round to one decimal place.)

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