Eva, the Owner of Eva's Second Time Around Wedding Dresses

question 81

Multiple Choice

Eva, the owner of Eva's Second Time Around Wedding Dresses, currently has five dresses to be altered, shown in the order in which they arrived: $$\begin{array} { c c c } \text { Job } & \begin{array} { c } \text { Processing Time } \\\text { (hrs) }\end{array} & \begin{array} { c } \text { Due } \\\text { (hrs from now) }\end{array} \\\text { V } & 3 & 5 \\\text { W } & 1 & 1 \\\text { X } & 4 & 9 \\\text { Y } & 2 & 3 \\\text { Z } & 5 & 7\end{array}$$
If Eva uses the first come, first served priority rule to schedule these jobs, what will be the average completion time?

• A) 3 hours
• B) 5 hours
• C) 7 hours
• D) 7.2 hours
• E) 8 hours

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Definitions:

Reservation Price Model

A model that defines the maximum price a consumer is willing to pay for a good or service.

Aggregate Demand

The aggregate need for all products and services in an economy, measured at a specific price level and during a particular time frame.

Marginal Revenue

The additional income generated from selling one more unit of a product or service.

Demand Curve

A graph showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.