What is the mean annual wage for this job? (use the figures in the article). Calculate the hourly wage for this job (use 40 hours/week * 50 weeks/year = 2,000 hours to find the answer) In your own words, explain why do you think this job has such a low wage range? Use vocabulary you have learned in this class and information from this article to support your argument (how does the law of supply and demand affect the wages for workers in this profession? Is there any competition? What about technology? Etc.)
Read this article about the 25 lowest paying jobs in the U.S.:
https://www.thebalancecareers.com/top-worst-paid-jobs-2061699
Select one of the jobs listed and answer the following questions:
- What is the mean annual wage for this job? (use the figures in the article).
- Calculate the hourly wage for this job (use 40 hours/week * 50 weeks/year = 2,000 hours to find the answer)
- In your own words, explain why do you think this job has such a low wage range? Use vocabulary you have learned in this class and information from this article to support your argument (how does the law of supply and demand affect the wages for workers in this profession? Is there any competition? What about technology? Etc.)
Fast food and counter workers job is being selected:
Given,
Annual salary= $23,250
1) Mean annual wage= Total yearly salary/no. of salaries paid
2) Hourly wages= Monthly salary/hours
3)Law of supply and demand: The law of supply and demand explains the relationship/interaction between buyer and seller. The theory defines "the relationship between the price of a given good or product and the willingness of people to either buy or sell it."
Generally, "if the price increases, the demand will decrease and if price decreases demand will automatically increases",
but ,"If demand increases supply will gradually increases and as demand decreases supply will gradually decreases"
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