This website uses cookies to ensure you have the best experience. Learn more

Wage And Wage Earners Essay

2713 words - 11 pages

Abstract
In the data that Team A reviewed it was discovered that education can make a difference in the amount of money that a person will make on average in a year’s time. Team A looked at people from different industries and levels of the company. Team A did not single out the participants by sex or race. The goal of this paper was just to focus on the annual wages that the participants made in a year based on the amount of education that they had received in their life. Team A will show that education does make a difference in the pay that you will receive.

The objective of our team paper was to determine was if the amount of education a person has will affect the amount of income ...view middle of the document...

The sample participants were primarily employed in clerical, support or other occupations. Most survey contributors were southern residents and were primarily non-white, non-female, married and Hispanic. Using this data Team A will be working to solve the following: If the number of years of education, post high school, has an impact on the amount of wages an individual can earn, then those who have completed more than twelve years of education will have a higher average wage than those who have twelve or less ears of education.
Team A will work to determine if the number of years of education has an impact on the amount of wages that a worker could potentially earn. Team A will use the Wages and Wage Earners Data Set to conduct their research. The Wages and Wage Earners Data Set contains data gathered from a random sampling of 100 wage earners. The average annual wages of those who participated in the survey is $30,800 per individual with an average age of 39 years. The average number of years of education for each participant was 10 years or more with an average of 20 years of experience. The majority of the sample participants were not employed in the manufacturing or construction industries and were non-union workers. The sample participants were primarily employed in clerical, support or other occupations. Most survey contributors were southern residents and were primarily non-white, non-female, married and Hispanic. Using this data Team A will be working illustrating the hypothesis in a verbal and numerical form emphasize the relationship in the number of years of education, post high school has an impact on the amount of wages an individual can earn. Furthermore, those who have completed more than twelve years of education will have a higher average wage than those who have twelve or less years of education.
Verbal:
H0: The participates in the data set have completed 12 years of education earn an average of less than $35,000 a year in wages.
Ha: The participates in the data sets have completed more than 12 years of education earn an average grater than $35,000 a year in wages.
Numerical:
H0: µ$35,000
Five Step Hypothesis Test:
During the research process, Team A had to go through five steps in order to identify and the hypothesis and make the decision. The first step Team A took as part of the five step hypothesis testing was establishing the Null hypothesis as well as the Alternative hypothesis. This step led the team to conclude that the Null hypothesis that employees will, in fact, earn more if they further their education after completing high school and the Alternative hypothesis being that they will earn as much or less of those who do not. The second step was to select the level of significance. In this step Team A came to the conclusion that the level of significance was .05, therefore making our confidence level stand at 95%. Step three consisted of us selecting an appropriate test statistic. In step three, the test...

Other Essays Like Wage and Wage Earners

Progressive Taxation Essay

1169 words - 5 pages 1. Progressive taxation is the means of taxing the general populous of wage earners by the amount of income they earn on annual basis. The more money an individual earns in a given year, the more he/she will pay taxes compared to an individual who does not earn as much in a given year. The amount of taxes paid within a progressive taxation society is defined within a range that depends upon the yearly income, marital status, and whether or not

Minimum Wage the Questionable Policy Essay

1410 words - 6 pages reason, it is natural for the traditional elites to keep wage as low as possible. This action creates what Karl Marx wrote in The Communist Manifesto as ”naked, shameless, direct, brutal exploitation” (82). The minimum wage seems to be an appealing solution against these abusive exploitations. Applying a minimum wage law, government can force a wealth distribution among the owners and their lowest level workers. On Saturday, June 25, 1938

Impact of Increasing Minimum Wage on the Economy

1271 words - 6 pages price level not only lowers the purchasing power of households. This has the potential to start a vicious cycle and lead to another increase in the minimum wage to match the higher price level. What this means is that consumers will have to pay higher prices for goods and services due to the higher price level, and the extra money earned by minimum wage earners will not have much of an effect on the quantity of goods and services they will be able

Causal Analysis Essay What Are Three Effects Of Raising The Federal Minimum Wage?

882 words - 4 pages . Kennedy, the increase would help almost 15 million American people pay for groceries, supply gas in their gas tank, and clothes on their backs. It would make possible for those hard working families to get out of debt, pay for education and spend more time with their families. As a result, raising the minimum wage to $7.25 an hour would bring an additional $4,400 a year to help minimum wage earners support their families. It would allow a low

Salary Comparison: Men Versus Women

984 words - 4 pages determine if there is a significant difference in the annual salary levels of men versus women. This research project will evaluate the Wages and Wage Earners Data Set.The Wages and Wage Earner Data Set gives salary data on 102 people (54 men and 48 women). The five-step hypothesis test on the Wages and Wage Earners dataset appears below. Null and Alternative Hypothesis Null Hypothesis -Upon evaluating average/annual salary levels in men versus

Effects of Minium Wage on Business

630 words - 3 pages Sharese Pulliam Economics 102-003 Prof. Sayour April 16, 2015 The Effects of Minimum Wage The main focuses of this article is the effects minimum wage has on all aspects of the economy in a microeconomics perspective. The minimum wage has a number of positive and negative effects on businesses, families and individual workers, from a microeconomics perspective. Businesses that employ unskilled labor see their profit margins

We Must Raise The Minimum Wage

1648 words - 7 pages Minimum wage is the lowest wage an employer can pay their employees. There is a Federal minimum wage and in some case a State Minimum wage. The current Federal minimum wage is $7.25. An employee who makes $7.25 an hour and works 40 hours a week, will cause the worker to make about 14,000 thousand dollars a year. The Federal government deemed that the poverty line is anyone who makes less than 17,000 a year (“Federal Minimum”). Therefore anyone

Effects Of Economic Growth (Notes)

366 words - 2 pages external stability of the economyIncome distribution:Although it is thought that higher economic growth contributes to higher living standards, it often only benefits a particular group of people such as shareholders or company executives (higher income earners), rather than flowing more broadly to people through wage increases or improved public services.Environmental impacts:If growth is pursued with little regard to its impact on the environment, it can result in pollution, depletion of non-renewable energy resources and damage the local environment

Do You Need More Money?

1798 words - 8 pages Need More Money? Is minimum wage enough? How do we know that the federal minimum wage is enough? When we start working, how can we tell that minimum wage meets our needs as we purchase the goods and services necessary to support a family? Minimum wage, as we all know, is difficult to control by the federal system. But most people agree that the federal minimum wage does not support a full time working family. Since the federal minimum

Environmental Legislation and Laws of Singapore and Malaysia

1054 words - 5 pages (VNInfogate.com, 2010). Ethical wage legislation? No. There is a need to add a minimum wage to both countries’ hour and wage legislation in keeping up with over 95% of the world which already has a minimum wage in place. Thereby allowing the wage earners better wages in keeping with domestic inflation. References Gross, A. (2001). HR in Malaysia: An Overview. Retrieved September 21, 2011 from http://www.pacificbridge.com/publication.asp?id=14

Report1.Doc

925 words - 4 pages status, so preservation of status is important. In this case market provides welfare and redistributive effect is negligible. Male income earners are the nucleus of the social insurance, so family services like daycare service are not developed well in this state. The final model is ‘social democratic’ welfare state. ‘Social democracy’ is political ideology to fix the harmful effects that capitalistic economy caused such as serious gap between rich

Related Papers

Wage Compression And Symbolic Egalitarianism Essay

1907 words - 8 pages An organisations internal pay structure can affect the way employees perform to the business strategy. Where a workers performance not only depends on the level of pay they receive (Solow, 1979, in Alexopoulos & Cohen, 2003), but also takes into consideration their pay compared to workers above and below them, those within the same occupational group, and the external labour market (Akerlof and Yellen, 1990). Pfeffer (2005) argues that wage

The Competition Between Immigrants And Natives For Low Wage Jobs

1057 words - 5 pages English161 The competition between immigrants and natives for low-wage jobs Among all nations, immigration is always a hot topic especially in the Untied States because the country is highly mixed with people from different nationalities. Immigration contains two kinds of immigrants, legal and illegal. Undocumented immigrants that come to the U.S. under the low are illegal immigrants. Their presence come into notice by people who naturally

The Low Paid And Living Wage Movement: To Get The Labor’s Right

2169 words - 9 pages with others for survival in society. Poverty is continuously ignored from people. We do not assume how bad poverty affects us and our society. Therefore, this social problem, especially related with the working poor, has to be considered for solving. First of all, it is important to know what kinds of situations low-wage people are facing. In a book, Nickel and Dimed, Barbara Ehrenreich reports the low-wage people’s lives that stay in deep

Minimum Wage Essay

2650 words - 11 pages The Census Bureau Data, “majority of federal minimum wage workers are teens or others living with their parents or relatives, and only 16 percent of these workers are single earners supporting Children” (Minimumwage.com 4). Research shows that many of those earning the minimum wage are young people or secondary earners in non-poor families (Minimumwage.com 4). Therefore, the majority of minimum wage workers are getting started in their careers