The First Unit Produced in a Process Takes 400 Hours

question 58

Multiple Choice

The first unit produced in a process takes 400 hours.As the number of units produced doubles,production time decreases by 32%.Using the arithmetic approach,calculate the production time for the 16th unit.

• A)84 hours
• B)83 hours
• C)96 hours
• D)86 hours

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Definitions:

Demand Curve

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

Consumer Surplus

The gap in finances between the consumers' ability and willingness to pay versus the real payment for a good or service.

Graphing Calculator

An electronic device capable of plotting graphs, solving simultaneous equations, and performing other tasks with variables.

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay, indicating the benefit consumers receive from purchasing at a market price lower than their maximum willingness to pay.