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Math In Context 2

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Section 6.3 How can economic data be used in political arguments for increasing minimum wage? In 2020, Arizona minimum wage was raised to $12 an hour. Minimum wage has been a contentious topic in Congress for decades. Here we will look at some of the data used in these arguments. M th in Context 6.3: Living wage is the hourly rate that an individual in a household must earn to support his or herself and their family, assuming they work full-time. In the case of households with two working adults, all values are per working adult. Below are the living wage calculations for Arizona. (Source: https://livingwage.mit.edu/states/04) M th in Context 6.3: Construct a scatterplot in Excel showing the association between the number of children of a single parent and the living wage. Add in the linear regression line and correlation coefficient. Paste it here. • The correlation coefficient is 0.989 50% (393,872) of children in low-income families in Arizona live with a single parent. Only 22% (171,571) of children in above low-income families live with a single parent. Thus, let’s focus on living wage for single parents. (Source: http://www.nccp.org/profiles/AZ_profile_6.html) Living Wage 45 y = 9.134x + 13.509 R² = 0.9786 40 35 30 25 20 15 10 5 0 0 0.5 1 1.5 2 2.5 3 3.5 M th in Context 6.3: 50% (393,872) of children in low-income families in Arizona live with a single parent. Only 22% (171,571) of children in above low-income families live with a single pare ...
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FIN307 Principles of Finance

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