Final answer:
To create a formula for the 'total hours' column, which includes overtime, multiply the number of hours worked by the hourly rate in a spreadsheet. For widget workers paid $10 per hour, calculate the cost by multiplying the hours by the wage, keeping the maximum work hours at 40 per week for greatest utility.
Step-by-step explanation:
The question deals with creating a formula for calculating total hours worked, including overtime, and incorporating that into a total hours column for each worker. To build such a formula, you would typically use a spreadsheet application where you can multiply the number of hours a widget worker works by their hourly wage to arrive at the cost of production for different output levels.
As an example, if a worker receives $10 per hour, you'd multiply the hours worked (including any overtime) in a designated 'Hours' column by $10 to fill the 'Total Cost' column associated with that worker. Assume that each worker can work a total of 50 hours a week, mixing work and leisure. Therefore, the maximum working hours, in this case, would be 40, as the maximization of utility occurs at 10 leisure hours and 40 work hours.To create a formula for sheet overtime that puts the total hours worked in the total hours column for each row, you can use the following formula:=SUM(B2:F2)This formula adds up the values in cells B2 to F2, which represent the hours worked on different days. The result will be the total hours worked for that row.