Ron Butler, a Custom Home Builder, Is Looking Over the Expenses

question 120

Short Answer

Ron Butler, a custom home builder, is looking over the expenses he incurred for a house he just completed constructing. For the purpose of pricing future construction projects, he would like to know the average wage ($/hour) he paid the workers he employed. Listed below are the categories of worker he employed, along with their respective wage and total hours worked. What is the average wage ($/hour) he paid the workers?

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Definitions:

Payments

The transfer of money from one party to another in exchange for goods, services, or to fulfill a legal obligation.

Trade Balance

The difference in value between a country's imports and its exports over a certain period, indicating the balance of trade.

Current Account

The current account is a component of a country's balance of payments that includes the balance of trade, net primary income, and net income from abroad.

Capital Account

The capital account, in international economics, refers to part of a country's balance of payments that records all transactions involving the purchase or sale of assets.