The following table lists the name, gender, height, and reservation wage of 10 p
ID: 1204654 • Letter: T
Question
The following table lists the name, gender, height, and reservation wage of 10 people who are willing to work as sales clerks at a high-end clothing store. (Note: The reservation wage is the lowest wage a person is willing to accept in order to work.) Name Gender Height Reservation Wage (Inches) (Dollars per week) Tim M 66 $306 Rina F 66 $328 Yvette F 68 $350 Musashi M 70 $361 Sean M 70 $383 Cho F 66 $405 Bob M 71 $427 Kenji M 70 $449 Eric M 63 $460 Ginny F 68 $482 The lowest wage that the clothing store can pay to hire five sales clerks isper week. Suppose the head of the clothing store has a preference for tall employees because he thinks it will increase revenue, and thus, he imposes the restriction that all sales clerks hired must be at least 67 inches in height. Under this new regulation, the wage rate the clothing store must pay to attract five sales clerks rises byper week.
Explanation / Answer
Thus only five employees namely
Musashi
Yvette
Sean
Bob
Kenji
Ginny
will be hire as their height are more thamn 67 inches.
The reservation wage is the lowest wage a person is willing to accept in order to work.
The minimum wage rate will be 482$ as it is the lowest rate acceptable to Ginny ,hence will be paid to all
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