Examlex
An operation in a television factory has an average observed time of 6 minutes. The performance rating of the worker timed was estimated at 90%. Practice in this department is to allow 8% for the constant allowances. Currently, there is no variable allowance.
a. Find the normal time for the operation.
b. Compute the standard time for the operation.
c. Recompute the standard time if a variable allowance of 8% is factored in.
Equilibrium
Equilibrium is a state in which market supply and demand balance each other, and as a result, prices become stable.
Tax on Imports
Levies placed by a government on goods coming into the country, often used to protect domestic industries or generate revenue.
Tariff
A tax imposed by a government on imported goods, often used to protect domestic industries and regulate trade balances.
Legal Limit
The maximum or minimum boundary set by law, such as for speed on roads, alcohol consumption, or transaction amounts.
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