A jeweler has hired a craftsman to make handmade jewelry. All items produced are identical, but the jeweler notes that the 15th item produced costs $425 while the 30th item produced costs $375. What is the percentage change in labour cost when output is doubled from 15 to 30? a.-11.8% b.13.3% c.-13.3% d.11.8% e.88.2%
A jeweler has hired a craftsman to make handmade jewelry. All items produced are identical, but the jeweler notes that the 15th item produced costs $425 while the 30th item produced costs $375. What is the percentage change in labour cost when output is doubled from 15 to 30? a.-11.8% b.13.3% c.-13.3% d.11.8% e.88.2%
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A jeweler has hired a craftsman to make handmade jewelry. All items produced are identical, but the jeweler notes that the 15th item produced costs $425 while the 30th item produced costs $375. |
What is the percentage change in labour cost when output is doubled from 15 to 30? |
a.-11.8%
b.13.3%
c.-13.3%
d.11.8%
e.88.2%
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