Elliott is a worker that works an 8 hour shift and he is paid an incentive...

 

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Elliott is a worker that works an 8 hour shift and he is paid an incentive based on daily production where the standard is 80 pieces per day. Elliott is guaranteed 100% of standard with an hourly rate of $10 per hour. Assume Elliott has a production output represented by the distribution given below. Output Probability 70 .10 75 18 80 21 85 32 90 19 a. What is Elliott's average pay?b. If Elliott could have his hourly rate raised to $11 per hour or the standard reduced to 72 pieces per day which should he choose? Why? Elliott is a worker that works an 8 hour shift and he is paid an incentive based on daily production where the standard is 80 pieces per day. Elliott is guaranteed 100% of standard with an hourly rate of $10 per hour. Assume Elliott has a production output represented by the distribution given below. Output Probability 70 .10 75 18 80 21 85 32 90 19 a. What is Elliott's average pay?b. If Elliott could have his hourly rate raised to $11 per hour or the standard reduced to 72 pieces per day which should he choose? Why?

Answer rating: 100% (QA)

SOLUTION To calculate Elliotts average pay we need to determine the incentive earned based on his pr... View the full answer