Question

Fill out the tables for each scenario and answer the question that follows. Use $7.25 as the minimum wage and remember that employees in the United States must be paid time-and-a-half (1.5 times the normal hourly rate) for each hour worked over 40 hours per week.

Answer 1

@Vocaloid

Answer 2

well I think the table is supposed to be filled out for the Mongolian workers right? so if three laborers are each paid $1.10 per day (yikes) and they work for six days a week 50 weeks a year how much do they get paid per year?

Answer 3

330

Answer 4

good, that's the cost per person so the total cost of labor = $990

materials: 50 per rug, 12 rugs --> total materials cost = ?

Answer 5

600

Answer 6

awesome

and the fixed costs are already given as $10,000 so that's column 3

total revenue = (2000 dollars per rug) * 12 rugs = ?

Answer 7

24000

Answer 8

good so total revenue = $24,000

profit = total revenue - fixed cost - materials cost - labor = ?

Answer 9

12,410

Answer 10

good, now let's start working on the US workers

the mongolian workers work 14 hours a day 6 hours a week = 84 hours per week which means 84 - 40 = 44 hours of overtime

so can you try calculating weekly wage for a US worker who works 40 hours a week at minimum wage + 44 hours of overtime?

Answer 11

40*1.10

Answer 12

44*1.10

Answer 13

44+48.4=92.4

Answer 14

oh hold on just a sec: $1.10 is the daily wage for the mongolian workers not US workers, we get paid more than that haha

Answer 15

lol

Answer 16

the problem says to use $7.25 as the hourly minimum wage

so start with the normal hours, 40 hours a week at minimum wage gives how much income?

Answer 17

290

Answer 18

awesome

now for the overtime, we get paid 1.5 * hourly wage for any hours over 44

so 44 hours of overtime gives how much income?

Answer 19

319

Answer 20

hm

1.5*7.25*44 = ?

Answer 21

478.5

Answer 22

good, so the total weekly wage for one person = 478.5 + 319 = 797.5 per week

now we just multiply this by 3 workers * number of weeks per year (which they give as 50)

so 797.5 * 3 * 50 = $119,625 as the total cost of labor

Answer 23

let me just double check those calculations real quick

Answer 24

Sure.

Answer 25

oh whoops I added the wrong overtime #

total weekly wage = (40)(7.25)+44*1.5*7.25 = 768.5
weekly wage * 3 workers * 50 weeks per year = $115,275

so $115,275 should be it

Answer 26

same thing riht

Answer 27

yeah, just be careful since we're not talking about the same time period (this one is over 1 week instead of 1 year)

so if each of the five workers is paid $2.50 per day to work 6 days per week what's the total cost of labor

Answer 28

5*2.50*6=75

Answer 29

good

then for the second column the cost per shirt is $75/500 shirts = $0.15 per shirt

Answer 30

total revenue column = 500 shirts * 40 dollars per shirt = ?

Answer 31

20000

Answer 32

good

fixed cost = already given
total profit = total revenue - fixed cost - total labor = ?

(ignore the cost per shirt for this calculation)

Answer 33

9,999.85

Answer 34

0.15 is the cost per shirt, the total cost of labor is 75

so 20000-10000-75 = $9,925

simply divide this by 500 shirts to get the profit per shirt (last column)

Answer 35

19.85

Answer 36

the column before the last is $9,925?

Answer 37

yes and yes

Answer 38

oh wait the last part at the bottom

Answer 39

7.75*5

Answer 40

well let's start by finding out how many hours they work per week

10 hours a day * 6 days per week = 60 hours per week

so that gives us 40 normal hours and 20 overtime hours

can you try calculating the total income? for normal hours the wage is $7.25 and for overtime hours the wage is 1.5 * 7.25

Answer 41

40*7.25=290
20*1.5*7.25=217.5

Answer 42

A+

now we add those together to get the weekly wage per person

290 + 217.5 = 507.5

we have five workers so we quintuple this to get 5 * 507.5 = $2,537.5 as the total cost of labor