A Job Has an 80 Percent Learning Curve

question 178

Multiple Choice

A job has an 80 percent learning curve. The second unit required 12 hours to complete. Approximately how many hours will be devoted to the first five units (including those already completed) ?

• A)26
• B)36
• C)46
• D)56
• E)66

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Definitions:

Budget Constraint

A financial limit that represents the combination of goods and services a consumer can purchase with their limited income.

Labor Supply Curve

A graphical representation showing the relationship between the quantity of labor willing to work and the wage rate.

Indifference Curves

A graphical representation used in economics to show different combinations of two goods that give a consumer equal satisfaction and utility.

Utility Maximizes

The behavior of consumers to obtain the greatest satisfaction from their choices, given their resources.