Previous Question Used Part 1 Answer Already Answered Chegg Please Use Reference Context E Q34668453

Previous question used for part 1 (DO NO ANSWER THIS, IT HASALREADY BEEN ANSWERED THROUGH CHEGG, PLEASE USE AS REFERENCE/CONTEXT)

You are an experienced machinist with a small tool shop. Youhave been asked to submit a bid to produce 12 special clamps for anew die that is under construction. You estimate that the materialcosts (metal and fasteners) for each clamp are $150.00. You alsoestimate that 9.49 labor hours are needed to produce the firstclamp. The value of your labor is $50/hour. From similar orders inthe past, you estimate that there is a 90% learning curve for thistype of work. Using this information, what is the lowest total bidyou should submit if you charge a 25% markup on material and youwish to recoup your labor costs?

Expert Answer given for part 1:

Time for 1st unit = 9.49 hours Learning curve = 90% Total Timefor nth unit = Time for 1st unit*Total factor for 90% Learningcurve Total time for 12 units = 9.49*9.374 = 88.96 hours Labor costfor 12 units = Total time*Labor rate = 88.96*50 = 4447.96 $Material cost per unit = 150 $ Material cost for 12 units = 150*12= 1800 $ Mark up of 25% on Material cost increases Total Materialcost to = 1800*(1+25%) = 2250 $ Bidding price = Labor cost +Material cost post mark up = 4447.96 + 2250 = 6697.96 Ans =6697.96

ANSWER THE FOLLOWING QUESTION:

From the last question…. You are an experienced machinist witha small tool shop. You have been asked to submit a bid to producetwelve (12) special clamps for a new die that is underconstruction. You estimate that the material costs (metal andfasteners) for each clamp are $150.00. You also estimate that 9.49labor hours are needed to produce the first clamp. The value ofyour labor is $50/hour. Your potential customer is receptive toyour bid from the previous question, but is hesitant to award youthe order because the average price per clamp that you bid is 5%higher than his target price. You respond to the customer that ifthey would increase their order from 12 clamps to x clamps, youcould beat his target price. Find x. What is your new AVERAGE PRICEPER CLAMP ?