Answered: Lucid Inc. has developed a cutting-edge…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Question

Lucid Inc. has developed a cutting-edge medical device. It took the company 500 hours to build the first device. The company uses an 87% learning rate for this task. How long should it take the company to build

the 24^th device?
the 76^th device?
the 128th device?

Expert Solution

Step 1

From the given information,

r = 0.87

Time to build the first device = 500

The formula for time = $500 \times n^{\frac{\log (r)}{\log (2)}} = 500 \times n^{- 0.2009127}$

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