Which of the following statements is correct for a 60% learning rate? Every time our experience doubles, the time required is cut in half. Every time our experience doubles, the time required doubles. We save 60% of the time required every time our experience doubles. Every time our experience doubles, we save 40% of the time required. When 60% of the time required passes, our experience has doubled.
Which of the following statements is correct for a 60% learning rate? Every time our experience doubles, the time required is cut in half. Every time our experience doubles, the time required doubles. We save 60% of the time required every time our experience doubles. Every time our experience doubles, we save 40% of the time required. When 60% of the time required passes, our experience has doubled.
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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Which of the following statements is correct for a 60% learning rate?
Every time our experience doubles, the time required is cut in half.
Every time our experience doubles, the time required doubles.
We save 60% of the time required every time our experience doubles.
Every time our experience doubles, we save 40% of the time required.
When 60% of the time required passes, our experience has doubled.
Expert Solution
Step 1
A learning curve is based on the idea that the time required to complete a task decreases as the workers gain experience. In other words, the time and cost of performing a task decrease at a constant rate when the output gets doubled.
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