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b) State the minimum monthly income and hourly wage per worker needed to cover monthly expenses for the family you used in part a. Then, explain how to calculate the hourly wage based on the monthly income and state the hourly wage. Assume that each full-time worker works four 40-hour work weeks per month, and each part-time worker works two 40-hour weeks per month.

b State the minimum monthly income and hourly wage per worker needed to cover monthly expenses for the family you used in part a Then explain how to calculate t class=

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Answer:

Minimum monthly income for a full-time employee[tex]= \$ 7,846.40[/tex]

Minimum monthly income for a part-time employee[tex]= \$ 7,846.40[/tex]

Per hour for a full-time employee[tex]=\$49.04[/tex]

per hour for a part-time employee[tex]=\$98.08[/tex]

Explanation:

To accurately answer this question, let's review the facts provided.

  • A family of two adults and three children in the Modesto metro region pays [tex]\$ 7,846[/tex] a month.
  • A full-time worker is someone who works 40 hours per week for 4 weeks each month.
  • A part-time worker is someone who works 40 hours a week for 2 weeks a month.

Consider calculating the worker's minimum monthly income as well as his or her average hourly compensation.  

Hourly wage of a full-time worker:

[tex]= \frac{Monthly\ costs}{160}=\frac{7,846}{160}=\$ 49.04[/tex]

Minimum monthly income for a full-time worker: [tex]= Hourly\ wage \times 160=\$ 7,846.40[/tex]

Hourly pay for a part-time worker:

[tex]=\frac{Monthly\ costs}{80}=\frac{7,846}{80}=\$98.08[/tex]

Minimum monthly income for a part-time worker:[tex]= Hourly \ wage \times 80=\$ 7,846.40[/tex]

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