In a Stopwatch Time Study, the Average Time It Takes

question 52

Multiple Choice

In a stopwatch time study, the average time it takes a given worker to perform a task a certain number of times is the:

• A) observed time.
• B) normal time.
• C) standard time.
• D) allowance time.
• E) performance rating time.

---

Definitions:

Marginal Resource Cost

Marginal resource cost refers to the additional cost incurred by employing one more unit of a resource, such as labor or capital, in production.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource or factor of production.

Employment

The condition of having paid work; the extent to which available labor resources are being utilized in the economy.

MRP of Labor Curve

The Marginal Revenue Product (MRP) of Labor curve reflects the additional revenue generated from employing one more unit of labor, assuming all other factors remain constant. It's crucial for determining how many workers to hire.