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Calculating Average Wage from Annual Income and Hours Worked
Calculating Average Weekly Hours
An employee reports a total annual income of 30. Assuming a 52-week year, what was their average number of hours worked per week? Explain the steps you took to arrive at your answer.
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CORE Econ
Economics
Social Science
Empirical Science
Science
Economy
Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
Ch.3 Doing the best you can: Scarcity, wellbeing, and working hours - The Economy 2.0 Microeconomics @ CORE Econ
Application in Bloom's Taxonomy
Cognitive Psychology
Psychology
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Calculating Average Hourly Wage
An individual has an annual income of $72,800. They work 40 hours per week for all 52 weeks of the year. What is their average hourly wage?
Calculating Annual Income from Hourly Wage
Two individuals, Person A and Person B, earn the exact same total income over a one-year period. However, Person A's calculated average hourly wage is significantly higher than Person B's. Based on this information, what is the most logical conclusion?
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Comparative Wage Analysis
An individual has a fixed annual salary of $60,000. Last year, they worked a total of 2,000 hours. This year, they are scheduled to work a total of 2,400 hours for the same annual salary. Based on this information, the individual's calculated average hourly wage will be higher this year than it was last year.
Job Offer Comparison
An analyst is comparing two job packages. Job A offers an annual salary of 75,000 for a work schedule of 35 hours per week for 50 weeks a year. The analyst concludes that Job A is the better offer because the total annual income is higher. Which of the following statements provides the most accurate critique of the analyst's conclusion?
Calculating Average Weekly Hours