Weston,Inc

question 47

Multiple Choice

Weston,Inc.,produces widgets.To manufacture a new type of widget,it took 25 iterations before the process reached a steady state of 19 hours.If Weston has a 94% learning rate,use the logarithmic approach to calculate the time it took to manufacture the first widget.

• A)25.32 hours
• B)26.88 hours
• C)24.35 hours
• D)24.16 hours

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Definitions:

Total Fixed Costs

The sum of all costs that do not change with the level of output produced by a business, such as rent, salaries, and insurance.

The Barber Shop

This term commonly refers to a place where men can get their hair cut and sometimes other grooming services, serving as a social hub in many communities.

Fixed Input

A resource used in production that cannot be changed in the short term, such as buildings and machinery.

Short Run

A time period in economics during which at least one input, such as plant size or capital, is fixed and cannot be changed.