5. Michael, Inc., a manufacturer of electric guitars, is a small firm with 50 employees. The table below shows the hourly wage distribution of the employees.Hourly Wages (In Dollars)Number of Employees10 - 13814 - 171218 - 212022 - 2510a.How many employees receive hourly wages of at least $18?b.What percentage of the employees have hourly wages of at least $18?c.What percentage of the employees have hourly wages of less than $14?

Wage is the compensation paid to an employee by the employer in exchange for his/her/their labor…

Answered: 5. Michael, Inc., a manufacturer of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5. Michael, Inc., a manufacturer of electric guitars, is a small firm with 50 employees. The table below shows the hourly wage distribution of the employees.

Hourly Wages (In Dollars)	Number of Employees
10 - 13	8
14 - 17	12
18 - 21	20
22 - 25	10

a.	How many employees receive hourly wages of at least $18?
b.	What percentage of the employees have hourly wages of at least $18?
c.	What percentage of the employees have hourly wages of less than $14?

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