The data in the following table represent time-study observations on a new operation with three work elements.On the basis of these observations,find the standard time for the process.Assume an 8% allowance factor. 
Definitions:
Marginal Benefit
The incremental advantage received by using one more unit of a good or service.
Monopolistic Competition
A market structure characterized by many firms offering differentiated products or services.
Long-Run Equilibrium
A state in which all firms in a market or industry are making normal profits, with no incentive for entry or exit, and all resources are optimally allocated.
Long-Run Equilibrium
A market condition where all inputs can be adjusted, firms are entering and exiting the market, and no economic profits are made, leading to a state of perfect competition.
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