Tom and Mike Are Installing New Flooring in Their Home

question 114

Multiple Choice

Tom and Mike are installing new flooring in their home. The house has 5 rooms of approximately equal size where the flooring will be replaced. Tom and Mike spent 3 hours removing the old flooring from the first room. The average time to remove the flooring from 2 rooms is 2.25 hours per room. Determine the learning curve percentage experienced by Tom and Mike. Below are values that may be useful in answering this question. $$\begin{array} { l } \ln ( 95 \% ) / \ln ( 2 ) = - 0.074 \\\ln ( 90 \% ) / \ln ( 2 ) = - 0.152 \\\ln ( 85 \% ) / \ln ( 2 ) = - 0.234 \\\ln ( 80 \% ) / \ln ( 2 ) = - 0.322 \\\ln ( 75 \% ) / \ln ( 2 ) = - 0.415 \\\ln ( 70 \% ) / \ln ( 2 ) = - 0.515\end{array}$$

• A) 70%
• B) 75%
• C) 80%
• D) Some other percentage

Define diffusion and apply the concept to historical examples of cultural and technological change.

Discuss the significance of domestication and differentiate between domestic and wild plant and animal species.

Understand the basic definitions and calculations of financial metrics such as standard deviation, arithmetic average return, and variance.

Grasp the concept of market efficiency and its forms (weak, semi-strong, strong).

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Definitions:

Annual Dividend

The total amount of dividends paid to shareholders over a year.

Share

A unit of ownership in a company or financial asset that represents a proportionate claim on its assets and earnings.

Partial Excludability

Characteristic of a good whereby it is difficult but not impossible to prevent people from using it, often seen in semi-public goods.

Dividend Income

Revenue received from owning shares in a company that pays out profits to its shareholders.