The First Unit of a Product Took 832 Hours to Build,and

question 40

Multiple Choice

The first unit of a product took 832 hours to build,and the learning curve is 75%.How long will it take to make the 10th unit? (Use at least three decimals in the exponent if you use the formula approach. )

• A)less than 250 hours
• B)from 251 to 275 hours
• C)from 276 to 300 hours
• D)from 301 to 325 hours
• E)325 or more hours

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Definitions:

Long Run

A period sufficient for all inputs, including physical capital and labor, to be adjusted in the production process.

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of the industry over a period of time.

Marginal Cost Curves

Graphs that depict the cost of producing one additional unit of a good or service, typically showing how costs vary with production volume.

Short-run

A time frame in which at least one factor of production is fixed, limiting adjustments to production levels.