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umka21 [38]
3 years ago
8

Cody worked 59 hours last week. Of those hours, 40 hours were paid at the regular rate of $12.50. Ten hours were paid at time-an

d- a-half, and 9 hours at the double-time rate.
a) What was the gross pay for regular hours?
b) What was Cody’s overtime wages?
c) What was Cody’s total gross pay for the week?
Business
1 answer:
vladimir2022 [97]3 years ago
4 0

Answer:

Explanation:

a. What was the gross pay for regular hours?

This will be the regular pay multiplied by the regular hours. This will be:

= $12.50 × 40

= $500

b) What was Cody’s overtime wages?

Cody's overtime wages will be the total amount earned during overtime. This will be:

= [10 × ($12.50 × 1.5)] + [ 9 × ($12.50 × 2)]

= (10 × $18.75) + (9 × $25)

= $187.50 + $225.

= $412.50

c) What was Cody’s total gross pay for the week?

The total gross pay for the week will be the addition of the amount that was earned during regular hours and overtime. This will be:

= $500 + $412.50

= $912.50

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Answer:

b. a 20% decrease in the price of foreign travel will increase the quantity demanded by 80%. 

Explanation:

A price elascitiy of 4 means demand is elastic. Price elasticity greater than 1 indicates demand is elastic.

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price.

Elastic demand is when a change in price leads to a change in quantity demanded.

If price increases and demand is price elastic, the quantity demanded falls.

If price falls and demand is price elastic, the quantity demanded rises.

If price elasticity is 4, 20% decrease in the price of foreign travel will increase the quantity demanded by 80%. 

Inelastic demand is when price elasticitiy is less than 1.

I hope my answer helps you

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problem 08-07 (algo) you are the manager of a monopolistically competitive firm, and your demand and cost functions are estimate
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Demand function: Q = 48 - 2P

a) 2P = 48 - Q

Therefore the inverse Demand function is

P = 24 - Q/2

b) P = 24 - Q/2

Total Revenue = PQ = (24 - Q/2)*Q

TR = 24Q - Q2/2

MR = differentiating TR with respect to Q

MR = 24 - Q

We know a firm will maximize profit at MR = MC

TC = 6 + 3Q + Q2

MC = 3 + 2Q

Putting MR = MC, we have

24 - Q = 3 + 2Q

24 - 3 = 2Q + Q

21 = 3Q

Q = 21/3 = 7

Q = 7

Putting the value of Q in the equation P = 24 - Q/2

P = 24 - 7/2

P = 24 - 3.5

P = 20.5

Therefore the profit-maximizing output is 7 and the price is $20.5

c) TR = PQ = 20.5*7 = $143.5

TC = 6 + 3Q + Q2 = 6 + 3*7 + 7*7 = 6 + 21 + 49 = $76

Profit = TR - TC = 143.5 - 76 = $67.5

Therefore the firm's maximum profit is $67.5

d) a) entry will occur until profits are zero

In the long run, more and more firms will enter the market and the economic profit will be zero in the long run.

In economics, a Demand function is a graph depicting the connection between the price of a sure commodity and the amount of that commodity that is demanded at that fee. call for curves may be used both for the price-amount courting for a person client, or for all purchasers in a selected marketplace.

Learn more about the Demand function here: brainly.com/question/24384825

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Sarah can study 20 pages per night. each page has three homework problems. if she studies for 3 nights how many homework problem
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The researchers at Beans Inc., a coffee manufacturing company, developed a new variety of high-quality ground coffee. The new va
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Answer:

competitive advantage

Explanation:

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