If the price of 1 pound of cereals is $10 and the price of a sword is $100, what is the wage rate paid to Hobbits in the Shire? How many Hobbits work in the cereal sector? In sword sector?
To determine the wage rate paid to Hobbits in the Shire, we need more information. The price of cereals and swords alone does not provide enough data to calculate the wage rate. However, I can provide an explanation of how to calculate the wage rate if we have additional information.
To calculate the wage rate, we need to know the total amount paid to Hobbits working in a specific sector (cereal sector or sword sector) and the number of hours they work. Once we have this information, we can divide the total amount paid by the number of hours worked to find the wage rate.
Similarly, to determine the number of Hobbits working in each sector, we need more data. We would need to know the total number of workers in each sector separately.
If you have the additional information about the total amount paid, hours worked, and number of workers in each sector, please provide it so we can calculate the wage rate and the number of Hobbits working in each sector.