Fountain Precision Products (FPP) manufactures high-technology measurement systems. The systems are both complex and unique in the sense that only a handful are sold, usually to a single customer's specification. The last unit of model FPP-28X sold was the eighth produced. The labor cost for that unit was $6,610.56 and required 127.4612 hours of labor. The second unit produced required 177.0000 hours of labor. Required: a. Assuming that learning has been consistent for this product, what is the rate of learning? b. Assuming that the hourly labor rate has remained the same, what was the labor cost to produce the fourth unit?

Fountain Precision Products (FPP) manufactures high-technology measurement systems. The systems are both complex and unique in the sense that only a handful are sold, usually to a single customer's specification. The last unit of model FPP-28X sold was the eighth produced. The labor cost for that unit was $6,610.56 and required 127.4612 hours of labor. The second unit produced required 177.0000 hours of labor. Required: a. Assuming that learning has been consistent for this product, what is the rate of learning? b. Assuming that the hourly labor rate has remained the same, what was the labor cost to produce the fourth unit?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

D.1.

Fountain Precision Products (FPP) manufactures high-technology measurement systems. The systems are both complex and unique in
the sense that only a handful are sold, usually to a single customer's specification. The last unit of model FPP-28X sold was the eighth
produced. The labor cost for that unit was $6,610.56 and required 127.4612 hours of labor. The second unit produced required
177.0000 hours of labor.
Required:
a. Assuming that learning has been consistent for this product, what is the rate of learning?
b. Assuming that the hourly labor rate has remained the same, what was the labor cost to produce the fourth unit?
Complete this question by entering your answers in the tabs below.
Required A Required B
Assuming that the hourly labor rate has remained the same, what was the labor cost to produce the fourth unit?
Note: Round percentage answer to whole number. Round other intermediate calculations to whole dollar. Round your final
answer to 2 decimal places.
Labor cost for fourth unit

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