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Based on data from a work sampling study, an office worker spends 21.5% of his time filing.Over the work sampling period, he was idle 12% of the time.If the worker filed 420 items in a 40-hour work week while performing other activities, and if his performance rating factor for filing was 0.95, determine the standard time, in minutes, that it took him to file an item.
Luxury
Goods or services that are considered superior in quality and are often expensive, catering to a more affluent consumer base.
Necessity
A good or service that is considered essential for survival, such as food, shelter, and healthcare.
Income Elasticity
A measure of how much the demand for a good or service changes in response to a change in consumers' income.
Quantity Demanded
The aggregate quantity of a product or service that buyers are ready and capable of buying at a specific price point.
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