Saul Goodman Represents Several Clients and Bills by the Hour

question 55

Multiple Choice

Saul Goodman represents several clients and bills by the hour at a reasonable $500 per.He forgot to record the time it took to complete each activity,but he knows his eight hour day was spent representing 13 clients involved in one high profile case.He also remembers that Walt told him once that his learning curve percentage was 80%.How many hours should Saul bill his first client?

• A) one hour eight minutes and forty five seconds
• B) one hour two minutes and thirty six seconds
• C) fifty six minutes and twenty eight seconds
• D) fifty minutes and five seconds

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Definitions:

Productive Efficiency

A state where an economy or firm produces goods or services at the lowest possible cost, using resources in the best possible manner without waste.

Managerial Incentives

Incentives designed to motivate managers to make decisions that align with the owner's or shareholders' interests.

Pure Monopolist

A single supplier in a market that controls all the goods or services, with no close substitutes and high barriers to entry.

Socially Optimal

A condition or point at which the social welfare is maximized, considering the benefits and costs to society as a whole.