Question

In: Accounting

Factory workers at a company are paid a wage of $15 per hour. In addition, the...

Factory workers at a company are paid a wage of $15 per hour. In addition, the company pays benefits (vacation leave, sick leave, health insurance, etc.) equal to 75% of a worker’s base wage for a 40-hour week. Workers are paid 1.5 times the hourly rate for any overtime hours worked in excess of 40 hours during a week, but no additional benefits are paid for overtime work.

a) How much wages will a worker receive for working 40, 42, 44, 46, 48, and 50 hours during a week? What would be the worker’s average hourly pay? Show both in table and in graph form.

b) What would be the company’s cost for a worker who works 40, 42, 44, 46, 48, and 50 hours during the week? What would be the company’s average hourly cost? Show both in table and graph form.

c) What can you say about the worker’s average hourly pay compared to the company’s average hourly cost? What are the implications?

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Factory workers at a company are paid a wage of $15 per hour. In addition, the...
Factory workers at a company are paid a wage of $15 per hour. In addition, the company pays benefits (vacation leave, sick leave, health insurance, etc.) equal to 75% of a worker’s base wage for a 40-hour week. Workers are paid 1.5 times the hourly rate for any overtime hours worked in excess of 40 hours during a week, but no additional benefits are paid for overtime work. a) How much wages will a worker receive for working 40, 42,...
Factory workers at a company are paid a wage of $15 per hour. In addition, the...
Factory workers at a company are paid a wage of $15 per hour. In addition, the company pays benefits (vacation leave, sick leave, health insurance, etc.) equal to 75% of a worker’s base wage for a 40-hour week. Workers are paid 1.5 times the hourly rate for any overtime hours worked in excess of 40 hours during a week, but no additional benefits are paid for overtime work. a) How much wages will a worker receive for working 40, 42,...
A Hypothetical downtown Halifax factory has two types of workers, skilled, paid $25 per hour, and...
A Hypothetical downtown Halifax factory has two types of workers, skilled, paid $25 per hour, and unskilled paid $15 dollars per hour. There are 100 females and 100 males in the labour force with identical distribution between skilled and unskilled workers. Initially there is no discrimination based on gender. Sketch two supply and demand graphs to reflect these two groups of workers; wages in the vertical access and labour force in the horizontal access. What explanation would you give with...
A minimum wage law that stipulates $25 per hour for domestic workers in the state of...
A minimum wage law that stipulates $25 per hour for domestic workers in the state of Virginia is: (a)A binding price ceiling (b)A non-binding price floor (c)Going to increase the rent of domestic workers (d)Going to increase consumers’ surplus (36)Suppose a government sets a pricing policy of $8 per ticket in a market for train tickets where the demand for these tickets is represented by the demand equation D=120-4P and the supply equation of these tickets is represented by S=90...
The population mean wage rate for workers at General Motors is $17.26 per hour. Assume the...
The population mean wage rate for workers at General Motors is $17.26 per hour. Assume the population standard deviation is $2.00. Suppose we have a random sample of 50 workers from the population of workers at General Motors. In the sample of 50 workers, the mean wage was $15 per hour. 1) Describe the sampling distribution of the sample mean. (Include the 3 parts: center, dispersion, and shape). 2) What is the probability that in a new sample of 50...
Each of the five (5) workers in a factory is being paid $250 per day. For...
Each of the five (5) workers in a factory is being paid $250 per day. For every unit produced in excess of 25 units in one day, a worker is paid $12. Fixed factory overhead per annum is $198,000 and there are approximately 330 working days in one year. Production data for July 6 and 7, 20C show the following number of units produced by each worker: July 6 = Cass - 25, Jen - 27, Owen - 24, Henry...
"If the federal minimum wage is raised gradually to$15-per-hour by 2020, the employment rate for...
"If the federal minimum wage is raised gradually to $15-per-hour by 2020, the employment rate for low-wage U.S. workers will be substantially lower than it would under the status quo."Create a 3-4 page paper in which you indicate your agreement or disagreement with the statement above. You must support your position with reference to economics principles, the use of examples and a minimum of 4 research sources.
What are positive and negative effects of Amazon raising its minimum wage to $15 per hour...
What are positive and negative effects of Amazon raising its minimum wage to $15 per hour on its employees, total revenue, and other companies and their employees?  
Should the province of Nova Scotia increase it’s minimum wage to $15 per hour? Write a...
Should the province of Nova Scotia increase it’s minimum wage to $15 per hour? Write a briefing note based on this question.
19. Consider a household where the husband can earn a market wage of $15 per hour...
19. Consider a household where the husband can earn a market wage of $15 per hour and has a marginal productivity in the household that is the equivalent of $12. The wife can earn a market wage of $20 and has a marginal productivity in the household that is the equivalent of $15. Suppose initially that their marginal household productivities do not depend on the time that the otherspouse spends at home. 19a. If the couple decides to have only...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT