Economics: Principles, Problems, and Policies, 19th Edition

Published by McGraw-Hill Education
ISBN 10: 0073511447
ISBN 13: 978-0-07351-144-3

Chapter 13 - Wage Determination - Problems - Page 285: 4b

Answer

$\$6.25/\text{h}$

Work Step by Step

There are 160 hours in a month, and since a worker takes one month to clear an acre, they take 160 hours to clear an acre. Additionally, since each acre brings in ${$1000}$ in revenue it means the revenue per hour each worker brings in is: $\frac{\$1000}{160\text{ h}}=\$6.25/\text{h}$
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.