Question

25 POINTS!! 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.

Answer 1

Full-time worker minimum monthly income = US$ 7,846.40

Part-time worker minimum monthly income = US$ 7,846.40

Full-time worker hourly wage = US$ 49.04

Part-time worker hourly wage = US$ 98.08

Explanation:

1. Let's review the information given to answer the question correctly:

Monthly costs of a 2-adult and 3-children family in the Modesto metro area = US$ 7,846

Full-time worker = 4 weeks of 40-hour per month

Part-time worker = 2 weeks of 40-hour per month

2. Let's calculate the minimum monthly income and hourly wage per worker

Full-time worker hourly wage = Monthly costs/160

Part-time worker hourly wage = Monthly costs/80

Full-time worker hourly wage = 7,846/160

Part-time worker hourly wage = 7,846/80

Full-time worker hourly wage = US$ 49.04

Part-time worker hourly wage = US$ 98.08

Full-time worker minimum monthly income = Hourly wage * 160

Part-time worker minimum monthly income = Hourly wage * 80

Full-time worker minimum monthly income = US$ 7,846.40

Part-time worker minimum monthly income = US$ 7,846.40