ShmoopTube

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And finance Allah shmoop What is a learning curve Oh

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all right It's literally a graph that is well curve

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shaped like this and it reflects progress made in what's

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it called Oh yeah learning For example it's about the

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learning of a little company in eighteen sixty eight with

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a newfangled waffle press style of making eight horse shoes

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at a time in a mold rather than stamping them

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out manually with a hammer one by one The old

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way had a marginal cost of sixty cents A shoe

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to make the new way was more like a dime

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but the learning curves were vastly different in the first

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case the old school live making shoes While the process

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had few moving parts there was an anvil a hammer

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and a bunch of hot coals keeping the metal all

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you know soft and bendy Then pounding happened and the

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shoe was made so the learning curve was steep It

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took a worker maybe a week to be ableto work

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at I'll say ninety percent of the ultimate efficiency that

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they'd eventually be at five years later when they then

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be at ninety eight point two three percent efficiency stamping

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out like you know ten shoes a day or something

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like that Well roll the clock forward to the waffle

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Scheuer here this thing and the learning curve is massive

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Not only does there need to be ah whole system

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for bringing in forty times the wood as in the

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one shoe shop but there's all kinds of mechanical circuitry

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needed like the creation of the clay and iron mold

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for the shoes themselves Then the non melting pouring mechanism

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then literally gallons of molten steel and finally powder for

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the mold so that the steel shoes can be removed

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easily without chisels and well pains So in the early

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days of the waffle sure the company probably didn't produced

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any usable shoes for a week Then it had maybe

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two days a week that little the whole apparatus worked

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and then produced a decent load of Ah dozen maybe

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a few dozen Then after six months while the company

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was its seventy percent of its safe five year maximum

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a capacity as it learn See it's gradually going up

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this learning curve and percent throughput per week per day

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or however you want to do it all was good

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then until the Smith Thief put wet wood under the

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furnace and forgot to clean up the dry hay on

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the ground and wealth Wet wood boils the water inside

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of the fibers of the logs there which then explode

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sending out sparks and bad things happen so more learning

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had to happen And then three years from inception the

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waffle Shuler was here on the learning curve cranking out

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eight hundred shoes and hour and now rather than the

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old manual sure being the best in town while the 00:02:35.663 --> [endTime] horseshoe is on the other hoof

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