Online High School - ECON N/AE3.04 (2). Graded Assignment Practice: You Do the Math

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Graded Assignment Practice: You Do the Math Answer the following questions to learn more about wages and income levels in the United States. (5 points) Score 1. Calculate the hourly wage associat... ed with the two annual income levels listed below. Assume that an individual works 40 hours per week for 50 weeks each year. Annual income Hourly wage 2013 U.S. federal poverty line for a family of four $23,550 $11.78 2013 U.S. median household income $51,994 $25.99 (15 points) Score 2. For each of the professions in the left column, calculate the annual pay based on full-time, year-round employment consisting of 2,000 hours a year (40 hours per week for 50 weeks each year). Record your calculations under "Annual income" in the table. Then, find the difference between each annual wage figure and both the poverty threshold and the median household income. If the difference is a negative number, record it as such. Hourly wage Annual income Difference between annual wage and federal poverty line Difference between annual wage and median household income Federal minimum wage $7.25 $14,500 -$9,050 -$37,494 Oregon’s minimum wage $8.95 $16,500 -$7,050 -$35,494 Average for all occupations $23.87 $47,740 $24,190 -$4,254 Marketing managers $51.90 $103,800 $80,250 $51,806 Family-practice doctors $82.70 $165,400 $141,850 $113,406 Veterinary assistants $11.12 $22,240 -$1,310 -$29,754 Police officers $26.57 $53,140 $29,590 $1,146 Child-care workers $9.38 $18,760 -$4,790 -$33,234 Restaurant cooks $10.59 $21,180 -$2,370 -$30,814 Air-traffic controllers $58.91 $117,820 $94,270 $65,826 Data source: U.S. Bureau of Labor Statistics (2013) (5 points) Score 3. Choose a profession for which the annual income is higher than the U.S. median household income. Why might this job pay more than the median? How could productivity, the law of supply and demand, and https://www.coursehero.com/file/34183303/E304-2docx/ This study re [Show More]

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