Acme,Inc,Produces Widgets

question 84

Multiple Choice

Acme,Inc.,produces widgets.To manufacture a new type of widget,it took 56 hours for the first widget.Acme estimates it has an 89% learning rate.Using the logarithmic approach,calculate the time it will take to manufacture the 112th widget.

• A)29.35 hours
• B)25.37 hours
• C)31.27 hours
• D)29.94 hours

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Definitions:

Downward-Sloping

A graphical representation indicating a decrease or decline in value, often used in economics to describe demand curves.

More Inelastic

Referring to a situation where a product's demand or supply is less responsive to changes in price.

Cross Elasticity

A measure of the responsiveness of the demand for one product in relation to a change in the price of another product.

Substitutes

Goods or services that can be used in place of each other.