Acme,Inc,Produces Widgets

question 29

Multiple Choice

Acme,Inc.,produces widgets.To manufacture a new type of widget,it took 45 hours for the first widget.Acme estimates it has a 92% learning rate.Using the logarithmic approach,calculate the time it will take to manufacture the 22nd widget.

• A)31.05 hours
• B)28.22 hours
• C)18.96 hours
• D)42.87 hours

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Definitions:

Cost-Benefits Analysts

Professionals who evaluate the economic advantages and disadvantages of a decision by comparing the costs of an action to its benefits.

Price Signals

Price signals are indicators arising from the fluctuation in the price of goods or services, which reflect supply and demand dynamics and guide economic decisions.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be used by everyone and one person's use does not diminish another's.

Patent System

A legal framework that grants inventors exclusive rights to their innovations for a set period of time, encouraging innovation and investment in new ideas.