There Are Two Methods for Estimating the Time Required to Build

question 21

Essay

There are two methods for estimating the time required to build a system: industry standards based on the planning phase time and the more complex three-step process. Compare and contrast the two methods. What are the advantages and disadvantages for each?

Identify when the average-total-cost curve is at its minimum based on the relationship between average total cost and marginal cost.

Describe the implications of changes in variable and fixed costs on total production cost.

Understand the significance of marginal product in production decisions and its impact on costs.

Explain the relationship between average variable cost, average total cost, and marginal cost.

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Definitions:

Guilt

A feeling of having done something wrong or failed in an obligation.

Embarrassment

A feeling of self-consciousness, shame, or awkwardness experienced in socially uncomfortable situations.

Shame

A painful feeling of humiliation or distress caused by the consciousness of wrong or foolish behavior.

Pride

Pride is a feeling of self-respect and personal worth, often associated with a sense of achievement or belonging to a certain group or community.