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Jennifer's homemade red velvet cake is the talk of the town! Her friends asked Jennifer if she would make two of her special cakes for a donation item to support the local elementary school. Of course, she was willing to help out. Her friends were trying to hgure out how long this homemade masterpiece was going to take each of them to make, though. Jennifer had her prep time whittled down to almost nothing but she recalled that it did take her quite a bit longer her first go-around. The following details outline Jennifer's estimate for her first cake. (a) Calculate how much it would have cost Jennifer to make her first cake if her time was worth $10 hour. (Round intermediate calculations and final answer to 2 decimal places, e.g. 15.25.) Total cost of the first cake $ Two managers were discussing their training practices over lunch one day. Zelda explained that her trainees were incredibly quick: learners. They could incorporate their new skills immediately and shave significant time off their last batch of product. Thron wished he could say that, but no matter how hard he worked to train his employees on a very different process, it took them considerable time before they could see even a small improvement in their efficiency. Which of these two trainers is seeing a steep learning curve? Explain what that means in the context of overall time on task and total cost. When Alethast.in. Ausitioning herin-store retal sales to an online format, she anticipated a significant shipping expense to go along with her cost ol goods sold. The first year of the transition was rough though, as she found her shipping costs to be through the roof, particulatly gmen her talily steady level of sales throughout the primary g-month selling period. Aletha gathered the following data points for number of units shipped and total shipping costs for the past 8 months and then plotted them, as follows. in an effort to figure out if there was any rlyme or reason to these costs. The high-low method requires certain assumptions to hold. What are those assumptions, and do you believe they hold true for this units shipped/shipping cost relationship? The high-low method requires certain assumptions to hold What are those assumptions, and do you believe they hold true for this un'ts shippedishipping cost relationshig? Evaluate the validity of your high-low cost function in terms of goodness of fit, significance of slope, and economic plausibility using visual interpretation as well as your understanding of the context (feel free to draw the high-low line into your scatter plot]. Overall, do you believe this high.low model is a good way for Aletha to predict her shipping costs going forward? What other factors would/should she take into consideration before placing a great deal of confidence in her projections
