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Find the total labor cost

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Reference no: EM133151564

The direct labor cost of making airplanes decreases with repetition (learning curve). As a result, the cost of manufacturing of airplanes depend on the unit production number (first, fifth, 10th, 50th, etc.). The following data shows the direct labor cost for selected production numbers.

Airplane # (X)

1

8

16

32

64

150

300

600

800

1000

1500

2000

Labor Time (Y)

7300

6500

5400

4900

4500

4200

4000

4000

3500

3200

3100

3000

Using Excel graphs, find linear, power, exponential, and logarithmic fits for this dataset.  Make sure to include equations and R2 for each fit. Insert all graphs here and select the best model based on R2. Rank the fits based on the value of R2. Which fit is the best?

If an airplane manufacturer charges $220 per hour for direct labor cost, find the total labor cost if a small airliner orders 10 airplanes (#2100 to 2109).

Reference no: EM133151564

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