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 associated with the two annu
...
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 associated 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
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