The gentleman farmer recorded the time it took to feed and water his chickens and collect eggs each morning. He has done this several times, so he assigns himself a rating of 1.15. The allowance factor for this endeavor is 5%. What is the standard time for this job element? 
Definitions:
Economic Profits
Profits exceeding the opportunity costs of all resources employed, including both explicit and implicit costs, signifying above-normal returns.
Long Run
An economic term referring to a period in which all factors of production and costs are variable, allowing for full adjustment to changes in the market.
Price-taking
A market condition in which individual buyers or sellers have no influence over the market price of a product, commonly seen in perfectly competitive markets.
Perfectly Competitive Industry
A market structure characterized by many sellers offering identical products, where no single seller can influence the market price.
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