Paul, jim and mike decide to each other build houses. paul will spend half his time on his own house and a quarter of his time on each of the houses of jim and mike. jim will spend one third of his time on each of the three houses under construction. mike will spend on sixth of his time on paul’s house, one third on jim’s house, and one half on his own house. for tax purposes, each must place a price on his labor, but they want to do so in a way that each will break even. formulate the relevant equations, solve them and suggest a price on the labor of each person such that the hourly wages for each exceed the minimum wage