Solve the Problem. -A Ceramics Workshop Makes Serving Bowls, Platters, and Bread Baskets

question 102

Multiple Choice

Solve the problem.
-A ceramics workshop makes serving bowls, platters, and bread baskets to sell at its Winter Festival. A serving bowl takes 3 hours to prepare, 2 hours to paint, and 10 hours to fire. A platter takes 17 hours to prepare, 3 hours
To paint, and 4 hours to fire. A bread basket takes 4 hours to prepare, 17 hours to paint, and 7 hours to fire. If the
Workshop has 94 hours for prep time, 58 hours for painting, and 90 hours for firing, how many of each can be
Made?

• A) 7 serving bowls, 5 platters, 3 bread baskets
• B) 4 serving bowls, 2 platters, 6 bread baskets
• C) 6 serving bowls, 4 platters, 2 bread baskets
• D) 2 serving bowls, 6 platters, 4 bread baskets

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Definitions:

Perfectly Competitive

A market structure characterized by many buyers and sellers, homogeneous products, and no barriers to entry or exit, leading to perfect information and the inability of any single entity to influence the market price.

Market Wage Rate

The prevailing rate of pay for a specific job or occupation in a labor market, influenced by supply and demand for labor.

Diminishing Returns

A principle stating that as investment in a single area of production increases, the rate of return from that investment, after a certain point, begins to decrease.