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The owner of Touchdown Sports Bar wants to develop a time standard for the task of mixing a specialty cocktail. In a preliminary study, he observed one of his bartenders perform this task seven times with an average of 90 seconds and a standard deviation of 5 seconds.
What is the standard time for this task if the bartender worked at a 20 percent faster pace than is average, and an allowance of 10 percent of job time is used?
Oatmeal
A type of coarse flour made by grinding oats, commonly eaten as a cereal cooked with water or milk.
Budget Line
A visual depiction displaying every combination of two items a consumer is able to purchase with their income, based on the costs of these goods.
Commodity Bundle
A combination of goods or services that a consumer might consume, considered in consumption and preference analysis.
Budget Equation
An equation that represents the balance between an entity's income and expenses, often used in personal finance or government budgets.
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