Answered: 2.31 A firm pays 5/12 of its labor…

2.31 A firm pays 5/12 of its labor force an hourly wage of $5, 1/3 of the labor force a wage of $6, and 1/4 a wage of $7. What is the weighted average paid by this firm? w $5.83 Ans.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section26.2: The Labor Market

Problem 3ST

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2.31
A firm pays 5/12 of its labor force an hourly wage of $5, 1/3 of the labor force a wage of $6, and 1/4 a wage
of $7.
What is the weighted average paid by this firm?
w $5.83
Ans.

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