Los Medanos College - ECONOMICS 055Unit 3 TGA. Graded Assignment Practice: You Do the Math

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Name: Date: 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) 1. Calculate the hourly wage as... sociated 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 $11.775 2013 U.S. median household income $51,994 $25.997 (10 points) 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 Hourly wage Annual income Federal minimum wage $7.25 $14,500 Oregon’s minimum wage $8.95 $17,900 Average for all occupations $23.87 $47,740 Marketing managers $51.90 $103,800 Family-practice doctors $82.70 $165,400 Veterinary assistants $11.12 $22,240 Police officers $26.57 $53,140 Child-care workers $9.38 $18,760 Restaurant cooks $10.59 $21,180 Air-traffic controllers $58.91 $117,820 Data source: U.S. Bureau of Labor Statistics (2013) 3. (5 points) Choose three hourly wages from the above list. What are some of the economic reasons for the difference in pay? Please discuss such factors as education, the laws of supply and demand, and international competition in your response. The differences in pay may depend on education factors, demand, and international competition. For example, doctors have a heavy educational background hence why they have a higher salary than child care workers who have lower educational backgrounds. Veterinary assistants make more money than child care workers because they go through some type of training or school. Veterinary assistants may have higher demand than child care workers since in “theory,” Americans have more pets than kids and are having kids at a later age. (20 points) Score Score [Show More]

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