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Question
A metal works fabricator is about to release a new model of his firm's copper sculpture and fountain. The operations manager estimates that this product is subject to a 90 percent learning rate on labor onlythe material bill is not affected by experience. The firm prices its work based on costthe sum of materials plus 30 percent and labor plus 50 percent. (This allows the firm to practice a little "demand management" for its very popular works.) The first item has already been finished; the material bill was $800 and labor totaled 40 hours. The firm pays its metalworking artisans an average of $18 per hour. What should be the asking price of the first unit? The second?
Answer
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