MAT 1436.5 LABTHE COST OF LIVING IN DIFFERENT PARTS OF THE UNITED STATESThe cost of living can vary considerably across the United States. According to the MissouriEconomic Research and Information Center, Mississippi offers the lowest average cost of livingwhile Hawaii tops the list as the most expensive state in the nation. In this activity, you willinvestigate the cost of living in two metropolitan areas. The figures in the following tablerepresent a reasonable monthly budget for a family of four with two working adults to attain amodest, yet adequate, standard of living in both the Toledo Metro Area in Ohio and in theProvidence Metro area in Rhode Island in 2021.Toledo, OHExpenseHousingFood$726$701Child Care $1120$1164$895$576$643$5825TransportationHealth CareOther NecessitiesTaxesMonthly TotalProvidence, RI$1014$798$1659$1112$793$731$901$70081. The 2022 minimum wage in Ohio is $9.30 per hour. How many hours must each adult in thefamily work per month at this pay rate to earn the $5825 dollars needed to live in Toledo?Round to the nearest whole hour. Hint: 2 adults are working.2. Repeat your calculation for Providence, knowing that the 2022 minimum wage is RhodeIsland is $12.25 and the necessary income is $7008? Round to the nearest whole hour. Hint: 2adults are working.3. Which city is the one with a true higher cost of living compared to the state's minimum wage.4. Now, assume that a regular work week is made of 40 hours and that there are approximately4.3 weeks in a month.How much money must each adult earn per hour in Toledo to meet their budget assuming theywork regular work weeks during a month? How many times more than the minimum wage inOhio is the hourly rate you calculated? Assume both adults have equal incomes. Round to thenearest cent.5. Now, assume that a regular work week is made of 40 hours and that there are approximately4.3 weeks in a month.How much money must each adult earn per hour in Providence in order to meet their budgetassuming they work regular work weeks during a month? How many times more than theminimum wage in Rhode Island is the hourly rate you calculated? Assume both adults haveequal incomes.6. What do you notice about the monthly expenses between the two cities? With thatinformation in mind, why do you believe there is such a large discrepancy between theminimum wage in each state and the hourly rates you found in parts 4 and 5?

A question on monthly living expenses budget appears here. We need to calculate how many hours, 2…

MAT 143 6.5 LAB THE COST OF LIVING IN DIFFERENT PARTS OF THE UNITED STATES The cost of living can vary considerably across the United States. According to the Missouri Economic Research and Information Center, Mississippi offers the lowest average cost of living while Hawaii tops the list as the most expensive state in the nation. In this activity, you will investigate the cost of living in two metropolitan areas. The figures in the following table represent a reasonable monthly budget for a family of four with two working adults to attain a modest, yet adequate, standard of living in both the Toledo Metro Area in Ohio and in the Providence Metro area in Rhode Island in 2021. Toledo, OH Expense Housing Food Child Care Transportation Health Care $895 Other Necessities $576 Taxes $643 Monthly Total $5825 $726 $701 $1120 $1164 Providence, RI $1014 $798 $1659 $1112 $793 $731 $901 $7008 1. The 2022 minimum wage in Ohio is $9.30 per hour. How many hours must each adult in the family work per month at this pay rate to earn the $5825 dollars needed to live in Toledo? Round to the nearest whole hour. Hint: 2 adults are working. 2. Repeat your calculation for Providence, knowing that the 2022 minimum wage is Rhode sland is $12.25 and the necessary income is $7008? Round to the nearest whole hour. Hint: 2 adults are working. 3. Which city is the one with a true higher cost of living compared to the state's minimum wage. 4. Now, assume that a regular work week is made of 40 hours and that there are approximately 4.3 weeks in a month. How much money must each adult earn per hour in Toledo to meet their budget assuming they work regular work weeks during a month? How many times more than the minimum wage in Ohio is the hourly rate you calculated? Assume both adults have equal incomes. Round to the nearest cent. 5. Now, assume that a regular work week is made of 40 hours and that there are approximately 4.3 weeks in a month. How much money must each adult earn per hour in Providence in order to meet their budget assuming they work regular work weeks during a month? How many times more than the minimum wage in Rhode Island is the hourly rate you calculated? Assume both adults have equal incomes. 6. What do you notice about the monthly expenses between the two cities? With that information in mind, why do you believe there is such a large discrepancy between the minimum wage in each state and the hourly rates you found in parts 4 and 5?

MAT 143 6.5 LAB THE COST OF LIVING IN DIFFERENT PARTS OF THE UNITED STATES The cost of living can vary considerably across the United States. According to the Missouri Economic Research and Information Center, Mississippi offers the lowest average cost of living while Hawaii tops the list as the most expensive state in the nation. In this activity, you will investigate the cost of living in two metropolitan areas. The figures in the following table represent a reasonable monthly budget for a family of four with two working adults to attain a modest, yet adequate, standard of living in both the Toledo Metro Area in Ohio and in the Providence Metro area in Rhode Island in 2021. Toledo, OH Expense Housing Food Child Care Transportation Health Care $895 Other Necessities $576 Taxes $643 Monthly Total $5825 $726 $701 $1120 $1164 Providence, RI $1014 $798 $1659 $1112 $793 $731 $901 $7008 1. The 2022 minimum wage in Ohio is $9.30 per hour. How many hours must each adult in the family work per month at this pay rate to earn the $5825 dollars needed to live in Toledo? Round to the nearest whole hour. Hint: 2 adults are working. 2. Repeat your calculation for Providence, knowing that the 2022 minimum wage is Rhode sland is $12.25 and the necessary income is $7008? Round to the nearest whole hour. Hint: 2 adults are working. 3. Which city is the one with a true higher cost of living compared to the state's minimum wage. 4. Now, assume that a regular work week is made of 40 hours and that there are approximately 4.3 weeks in a month. How much money must each adult earn per hour in Toledo to meet their budget assuming they work regular work weeks during a month? How many times more than the minimum wage in Ohio is the hourly rate you calculated? Assume both adults have equal incomes. Round to the nearest cent. 5. Now, assume that a regular work week is made of 40 hours and that there are approximately 4.3 weeks in a month. How much money must each adult earn per hour in Providence in order to meet their budget assuming they work regular work weeks during a month? How many times more than the minimum wage in Rhode Island is the hourly rate you calculated? Assume both adults have equal incomes. 6. What do you notice about the monthly expenses between the two cities? With that information in mind, why do you believe there is such a large discrepancy between the minimum wage in each state and the hourly rates you found in parts 4 and 5?

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter6: Statistical Inference

Section: Chapter Questions

Problem 33P

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