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 286: 5d

Answer

$\$30$ per hour

Work Step by Step

Use your answers from parts a), b), and c) to compare which has the highest efficiency. $\$20$: $\frac{1}{160}=0.00625$ $\$30$: $\frac{2}{240}=0.00833$ $\$40$: $\frac{2.5}{320}=0.00781$ This leaves the $\$30$ per hour wage as the most efficient option.
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