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Economics
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Jan 9, 2024
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Do you believe that you can live on the living wages in the states and locations that your found
and why or why not?
I believe that living on a living wage in the states and locations I found would be
challenging. The reason is that I would need twice the amount I make in Indiana, Meridian
County, to sustain a comparable lifestyle in California, Los Angeles County. The cost of living
varies significantly across different regions, with California generally being more expensive than
Indiana. Housing, transportation, and other essential expenses are higher in California, making
it difficult to make ends meet with a wage earned in a lower-cost area. Therefore, I don't think I
could comfortably live on a living wage in all the states and locations I found, as the economic
disparities between regions impact one's ability to afford basic necessities.
Based on the video and your own personal belief system do you believe that there should be a
maximum wage in the market?
Why or why not?
From my personal belief, I think there should be a consideration for a maximum wage in
the market. While I value the principles of a free-market system that rewards hard work and
innovation, extreme income inequality can lead to social and economic imbalances.
Implementing a maximum wage could help address the growing wealth gap and ensure that
resources are distributed more equitably. Such a measure might encourage fairer compensation
practices and promote a healthier, more sustainable society where everyone has access to
essential needs. Striking a balance between individual success and the well-being of the
broader community is essential for fostering a just and inclusive economic environment.
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Related Questions
Brad Edwards is earning $36,000 a year in a city located in the Midwest. He is interviewing for a position in a city with a cost of living 18 percent higher than where he currently lives. What is the minimum salary Brad would need at his new job to maintain the same standard of living?
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C. the wages you make at the factory
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20
F4
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▶11
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Bill is retired and volunteers at meal-on wheels every
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: Labor Force- Unemployed
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Economics
Slade and Meredith had each been earning $600 per week before losing their jobs at Nardel Solutions. Slade and Meredith live in states with replacement ratios of
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search assuming no unemployment compensation.
Reservation Wage
Marginal Benefit
($/week)
Marginal Cost
100
700
500
150
600
450
200
500
400
250
400
350
300
300
300
350
200
250
400
100
200
With unemployment compensation, what is Slade's optimal reservation wage?
O $600 per week
O $300 per week
O $250 per week
O $500 per week
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answer quickly
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Related Questions
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SEE MORE QUESTIONS
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Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
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ISBN:9781337617383
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Publisher:Cengage Learning