Final answer:
To estimate the yearly cost to raise wages from $7.25 to $15 per hour for 3 million workers working 40 hours per week for 52 weeks, round down to 3 million workers, round up the wage increase to $8, multiply the values, and potentially divide by 2. This results in an estimate of $49,920,000,000 for a full year of work, though this ignores many realistic factors.So, the best answer is e, all of them.
Step-by-step explanation:
To estimate the amount of money needed to raise the wages of about 3 million working people in the US from the federal minimum wage of $7.25 per hour to $15 per hour, given a 40-hour work week and 52 weeks a year, we can follow these steps:
Round down the number of working people to 3 million for a simpler calculation.
Round up the hourly wage increase to $8 per hour ($15 - $7.25 = $7.75, rounded up to $8).
Multiply the rounded values: 3 million people × $8 per hour × 40 hours per week × 52 weeks per year.
Divide the result by 2 as instructed, although it's unclear why this step is needed for the estimation.
Following the third step multiplication: 3,000,000 × $8 × 40 × 52 = $49,920,000,000. However, this calculation assumes full employment for all workers for the entire year, which may not be realistic.
These calculations are an oversimplification, ignoring real-world factors such as taxes, unemployment, part-time work, and the variability of hours worked. Actual costs could be quite different, but this provides a rough estimation.
So, the best answer is e, all of them.
Q: About 3 million working people in the US make at or below the federal minimum wage of $7.25 per hour. Estimate the amount of money needed per year to raise their wages to $15 per hour. Also, let's estimate that these people work a 40-hour week and 52 weeks a year. Discuss in your group before entering answers in the given spaces. Enter all answers before submitting. You will get access to solutions after submission.
Describe your estimation strategy.
a) Round down the number of working people
b) Round up the hourly wage
c) Multiply rounded values
d) Divide the result by 2
e) all of them