Instruction 2-1 Unless Instructed Otherwise, Compute Hourly Rate and Overtime

question 79

Essay

Instruction 2-1 Unless instructed otherwise, compute hourly rate and overtime rates as follows:  
1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate).
2. If the third decimal place is 5 or more, round to the next higher cent.
3. If the third decimal place is less than 5, drop the third decimal place.
Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.
Refer to Instruction 2-1 . Fall is paid a biweekly salary of $937.50. Overtime is paid for hours beyond 40 in each workweek. One week, Fall works 3 hours overtime. Fall's pay for this biweekly pay period is __________.

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Definitions:

Marginal Cost Curve

A graph that shows the cost of producing one more unit of a good or service at any given level of production.

Average Total Cost (ATC)

The total cost of production (fixed and variable costs combined) divided by the number of units produced, indicating the average expense per unit of output.

Total Cost

The aggregate cost of all resources used in the production of a good or service, including both fixed and variable costs.

Output

The total quantity of goods or services produced by a firm, industry, or economy within a certain period.