Subjects economics

Weekly Earnings Calculation

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Weekly Earnings Calculation


1. **Calculate weekly pay for employees at the sports store.** The employees work a 38-hour week Monday to Friday. Hours over 38 are paid time-and-a-half. Weekend hours pay the first 4 hours Saturday at time-and-a-half and the rest of weekend hours at double time. Calculate hours for each employee: - Compute total weekday hours. - Calculate overtime weekday hours if total weekday hours exceed 38. - Compute weekend hours separately (Saturday and Sunday). Then calculate weekly pay for each employee using their base rate and overtime rates. **Example for R. Arniston:** Monday to Friday hours: $9 + 9.5 + 10 + 8 + 8 = 44.5$ hours Overtime weekday hours: $44.5 - 38 = 6.5$ hours at time and a half Weekend hours: Saturday $3 + 4 = 7$ hours (first 4 hours at time and a half, remaining 3 hours double time) Calculate pay: - Base pay for 38 hours: $38 \times 26.20 = 995.60$ - Overtime weekday pay: $6.5 \times 26.20 \times 1.5 = 255.45$ - Saturday pay: $(4 \times 26.20 \times 1.5) + (3 \times 26.20 \times 2) = 157.20 + 157.20 = 314.40$ - Sunday pay (none here): $0$ Total weekly pay: $995.60 + 255.45 + 314.40 = 1565.45$ Repeat similar calculations for other employees. 2. **Compare weekly earnings as store manager vs present job without overtime.** Given: - Store manager salary: 72000 per annum - Present job rate: 30 per hour, 38 hours/week Weekly pay as manager: $$\frac{72000}{52} = 1384.62$$ Weekly pay present job: $$30 \times 38 = 1140$$ Difference: $$1384.62 - 1140 = 244.62$$ So, $244.62$ more per week as store manager. 3. **Find overtime hours needed in present job to match manager's salary.** Let overtime hours be $x$ Overtime hourly rate: $$30 \times 1.5 = 45$$ Total pay must equal manager weekly pay: $$1140 + 45x = 1384.62$$ Solve for $x$: $$45x = 1384.62 - 1140 = 244.62$$ $$x = \frac{244.62}{45} \approx 5.44\text{ hours}$$ So need approximately $5.44$ overtime hours weekly. 4. **Compare current salary with job offer including overtime pay.** Current monthly salary: $3100$ Offer: $16.50$ per hour, 38 hours/week plus 5 hours overtime at time and a half weekly. Calculate weekly pay with offer: Regular pay: $$16.50 \times 38 = 627$$ Overtime pay: $$16.50 \times 1.5 \times 5 = 123.75$$ Total weekly pay offer: $$627 + 123.75 = 750.75$$ Monthly pay offer: $$750.75 \times \frac{52}{12} \approx 3253.25$$ Compare with increased current salary of $3350$ per month: $3350$ is higher than $3253.25$, so staying with increased salary pays more.