5 SP7.1 Learning curve estimationNuprod plc first started producing a particular product in January. Itrecords output and costs over the next six months as shown in theaccompanying table. Nuprod's management are planning to producefifty units in July.Time periodOutput, Q(units)Total costs, T(€)JanuaryFebruaryMarch231842812229126AprilMayJune351283011545107a. Estimate a learning curve for the data.b. How well do the data fit a learning curve?c. Estimate the cumulative average costs for July.d. Estimate the cumulative total costs for July.e. Estimate the total costs for July.f. Estimate the average costs for July.g. Estimate the marginal cost for the last unit produced in July.

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a. Estimate a learning curve for the data. b. How well do the data fit a learning curve? c. Estimate the cumulative average costs for July.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Question

SP7.1 Learning curve estimation
Nuprod plc first started producing a particular product in January. It
records output and costs over the next six months as shown in the
accompanying table. Nuprod's management are planning to produce
fifty units in July.
Time period
Output, Q(units)
Total costs, T(€)
January
February
March
23
184
28
122
29
126
April
May
June
35
128
30
115
45
107
a. Estimate a learning curve for the data.
b. How well do the data fit a learning curve?
c. Estimate the cumulative average costs for July.
d. Estimate the cumulative total costs for July.
e. Estimate the total costs for July.
f. Estimate the average costs for July.
g. Estimate the marginal cost for the last unit produced in July.

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