Question: A firm has redesigned its production process so that it now takes 10 hours for a unit to be made. Using the old process, it

A firm has redesigned its production process so that it now takes 10 hours for a unit to be made. Using the old process, it took 15 hours to make a unit. If the process makes one unit each hour, on average, and each unit is worth $1,500, what is the reduction in work-in-process value?

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