We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Check Writers' Offers

What's Your Topic?

Hire a Professional Writer Now

The input space is limited by 250 symbols

What's Your Deadline?

Choose 3 Hours or More.
2/4 steps

How Many Pages?

3/4 steps

Sign Up and Get Writers' Offers

"You must agree to out terms of services and privacy policy"
Get Offer

U.S. and global economics Essay

Paper type: Essay
Pages: 2 (371 words)
Downloads: 26
Views: 477

Fill out the tables for each scenario and answer the question that follows. Use $7.25 as the minimum wage and remember that employees in the United States must be paid time-and-a-half (1.5 times the normal hourly rate) for each hour worked over 40 hours per week.

Scenario 1. A team of three laborers in Mongolia makes rugs by hand for export to the United States. The team makes 12 rugs per year working 14 hours a day, six days a week, 50 weeks a year. Each laborer is paid a wage equivalent of .

10 per day. The materials for each rug cost $50, and the company that sells the rugs has fixed costs of $10,000 per year for things such as energy, rent, and administrative and shipping costs. Each rug sold for $2000 in the United States.

Total Labor Cost Total Materials Cost Fixed Costs Total Revenue Profit

(3 points)

(1 point)

(1 point)

(2 points)

(3 points)

If a team of three workers, each making the U.S. federal minimum wage, produced these 12 rugs, what would the total labor cost be? Don’t forget that these workers would be working overtime.

(5 points)

Scenario 2. A team of five laborers working in a garment factory in Indonesia divides the task of making men’s dress shirts for export to the United States. Each laborer works 10 hours a day, six days a week, and is paid the Indonesian minimum wage of $2.50 per day. In one week, the team can make 500 shirts. The company spends $10,000 each week to cover advertising, administration, machinery, transportation, and other expenses. Each shirt sold for $40 in the United States.

Total Labor Cost Labor Cost Per Shirt Total Revenue Fixed Costs Total Profit Profit Per Shirt

(2 points)

(2 points)

(2 points) $10,000

(2 points)

(2 points)

How much would it cost to pay five workers at the U.S. federal minimum wage to do the same job in the same amount of time? (5 points)

Copyright © 2014 Apex Learning Inc. Use of this material is subject to Apex Learning’s Terms of Use. Any unauthorized copying, reuse, or redistribution is prohibited. Apex Learning ® and the Apex Learning Logo are registered trademarks of Apex Learning Inc.

Cite this page

U.S. and global economics. (2016, May 08). Retrieved from https://studymoose.com/u-s-and-global-economics-essay

How to Avoid Plagiarism
  • Use multiple resourses when assembling your essay
  • Use Plagiarism Checker to double check your essay
  • Get help from professional writers when not sure you can do it yourself
  • Do not copy and paste free to download essays
Get plagiarism free essay

Not Finding What You Need?

Search for essay samples now


Your Answer is very helpful for Us
Thank you a lot!