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A brake system installer in an auto factory has an actual average time of 10 minutes on her task.The performance rating of the worker timed was estimated at 110%.Practice in this department is to allow 9% for allowances.
a.Find the normal time for the operation.
b.Compute the standard time for the operation.
Average Total Cost
The total cost of production (fixed and variable costs) divided by the total output or quantity produced.
Fixed Costs
Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance payments.
Marginal Costs
Marginal costs are the change in total costs that arise when the quantity produced is incremented by one unit, essentially the cost of producing one more unit of a good.
Average Variable Costs
Costs that change with the level of output, averaged over the total number of units produced.
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