Suppose the wage rate is $25 per hour and the rent on capital is $50 per hour. The equation for the isocost line is given by: C = 75LK.
Wage rates are based on output or number of hours worked. For example, sales representatives receive commissions based on the number of sales. Conversely, an hourly worker receives a fixed amount for each hour spent on the job.
The normal payout rate is the “actual” payout rate as defined in the relevant award, including overcompensation where applicable. The normal wage rate, as stated in this contract, means the hourly wage received during a normal 40-hour workweek.
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