A Job Is Expected to Have a Learning Curve of 90

question 168

Multiple Choice

A job is expected to have a learning curve of 90 percent. The third unit required 16 hours. The twelth unit should take approximately how many hours?

• A)2.67
• B)4.83
• C)7.94
• D)10.31
• E)12.95

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Definitions:

Willingness to Pay

The highest price a person is willing to pay for a product or service, indicating how much they value it.

Consumer Surplus

The deviation between the cumulative amount consumers are inclined to spend on a good or service and the amount they really spend.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity of that good or service consumers are willing and able to purchase, typically downward sloping.

Price

The financial sum necessary for acquiring a good or service.