Consider the Following Work Breakdown Structure

question 4

Multiple Choice

Consider the following work breakdown structure:
What is the estimated standard deviation in the time for activity Z?

• A) 3 days
• B) 2 days
• C) 4 days
• D) 8 days
• E) 5 days

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Definitions:

Cost-output Elasticity

A measure of how responsive the cost of production is to a change in the output level.

Marginal Cost

The added expense incurred upon producing one further unit of a good or service.

Average Cost

The total cost of production divided by the quantity of output produced, indicating the cost per unit of output.

Short-run Cost Function

A relationship between production cost and output level when one or more inputs are fixed, typically analyzing costs within a time frame that doesn't allow for all factors of production to be adjusted.