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Wu’s job pays $12/hour, and requires him to be at work at least 40 hours/week. He is allowed to work as much overtime (hours > 40/week) as he wants, and overtime pays “time-and-a-half” for hours worked > 40/week and ≤ 60/week, and “double time” for hours worked > 60/week. He earns no weekly endowment. What is the vertical value of the vertical intercept for Wu’s choice set over (Leisure, $) bundles for a typical 168 hour week?
EXPLANATION ::
Vertical intercept will be when total weekly Leisure is 0 means working hour is 168
Hence for first 40 hour he will earn 12*40=$480
From 41to 60 hours (20 hours of work) he will earn 12*1.5*20 = $360
From 61 to 168 hours (108 hours of work) he will earn 12*2*108 = $2592
Hence total earning/ vertical intercept = 480+360+2592 = $3432
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23. Wu's job pays $20/hour, and requires him to be at work at least 40 hours/week. He is allowed to work as much overtime (hours > 40/week) as he wants, and overtime pays “time-and-a-half” for hours worked > 40/week and < 60/week, and “double time” for hours worked > 60/week. He earns no weekly endowment. What is the vertical value of the vertical intercept for Wu's choice set over (Leisure, $) bundles for a typical 168 hour week?
I am not sure what i did wrong here:
2,414/ month 35 hour work week
2,414*12= 28,968 Annual
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557.08/35= 15.92 Hourly
15.92*1.5= 23.87 OT
10 extra hours 2 are over 40 so 8 reg 2 OT
8*15.92= 127.33
2*23.87= 47.75 OT
1207+127.33+47.75= 1382.08 However this is wrong ... what did I
do wrong please advise.
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