Living wage is a phrase that is commonly mentioned by politicians and media outlets. This prompt makes a student think about what a living wage is. Is it the same in New York City as it is in the middle of Iowa? Do some people have skills that can help a dollar go further? Maybe someone with a green thumb can live with less money than a person who struggles with gardening. The difficulty could make a challenge for policy since (1) voters will not necessarily understand what others view as acceptable. In Iowa, $15/hour buys you more than $15/hour in New York City. Also, someone who is handy can probably live for less than someone who does not have those skills.

 

• When we hear discussions regarding policy, the phrase "living wage" often comes up. Sometimes it regards a minimum hourly wage; other times, it is used in the context of universal basic income. 
• As we expand this living wage discussion from a local to a nationwide discussion, we will run into some challenges. In this discussion, your task is to:  

1. Pick a challenge that would make it difficult to define a set "living wage" across a nation 
2. Explain why this challenge creates a difficulty, and the obstacles it makes to create good policy  

  

Leslie Sporting Goods is a locally owned store that specializes in printing team jerseys. The majority of its business comes from orders for various local teams and organizations. While Leslie's prints everything from bowling team jerseys to fraternity/sorority apparel to special event shirts, summer league baseball and softball team jerseys are the company's biggest source of revenue. A portion of Leslie's operating information for the company's last year follows: Operating Cost Month Number of Jerseys Printed January 215 $5,865 February 205 5,680 March 230 5,925 April 510 8,680 May 705 9,705 June 610 9,235 July 420 6,240 August 340 6,170 September 305 6,050 October 230 5,960 November 185 4,990 December 170 4,890 Required: 3. Using the high-low method, calculate the store's total fixed operating costs and variable operating cost per jersey. 4. Using the high-low method results, calculate the store's expected operating cost if it printed 435 jerseys. 5. Perform a least-squares regression analysis on Leslie's data. 6. Using the regression output, create a linear equation (y = a + bx) for estimating Leslie's operating costs. 7. Using the least-squares regression results, calculate the store's expected operating cost if it prints 645 jerseys. Complete this question by entering your answers in the tabs below. Required 3 Required 4 Required 5 Required 6 Required 7 Using the high-low method results, calculate the store's expected operating cost if it printed 435 jerseys. (Do not round your intermediate calculations. Round your answer to the nearest whole number.) Total Cost < Required 3 Required 5 >