Given the Following Data Determine the Percentage Idle Time

question 75

Essay

Given the following data: $$\begin{array} { l l } \text { Station } & \begin{array} { l } \text { Station } \\\text { time } ( \text { min } )\end{array} \\\hline1 & 4.2 \\2 & 4.7 &\text { Cycle time }=5.1 \text { minutes }\\3 & 4.4 \\4 & 4.8\end{array}$$ Determine the percentage idle time.

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Definitions:

Price Elasticity

An index that measures the reaction of how much a good is wanted to a price adjustment of that good.

Midpoint Formula

A mathematical formula used to calculate the average or midpoint between two values on a line segment.

Total Revenue

The total receipts from sales of goods and services to customers; it is the unit price times the quantity of goods or services sold.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level.