Problem set number 1

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timer Asked: Jul 19th, 2018

Question Description

A problem set that is due in one hour. Its for economics. The description can be read in the file below. See it please, thank you very much!

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The George Washington University Department of Economics Econ 2102 DE – Summer 2018 Problem Set 1 The purpose of this problem set is to get you to compare the cost-of-living in Washington, DC with an up-coming job elsewhere. Assume that you are currently employed as an economist earning $100,000. The job transfer can be a city of your choice in the United States or elsewhere. Your nominal income will not change. Below are the links to two on-line cost of living calculators. Select one and enter your city of origin as Washington, DC. and give your income as $100,000. Then select the city you will be moving to. Cost Of Living Calculator Use the cost of living comparison calculator below to compare the cost of living in two cities. Simply enter your current income, select your current city, as well as the city you are relocating to and click calculate. The cost of living calculator will provide you with the equivalent income needed to maintain your current standard of living. If you prefer to move overseas and become an expatriate, please use the web-site, Expatistan. Answer the following questions. 1. How does the cost of living compare in the destination city with Washington? 2. What are the differences in the specific costs of living between the two cities? What are they? Would they affect your willing to move? Why or why not? 3. The cost of living calculator addresses pecuniary questions. What other issues e.g. nonpecuniary would affect your decision to move? 4. Will you move or not move? Explain why. Use the data from the calculators and any other information you obtain from other sources. Document your sources. Your answer should be from 2 to 4 pages. The file name must be econ2102de_ps1_[yourlastnamefirstinitial].pdf Note the file must be in pdf format. Submit your document by going to MyEconLab\DocumentSharing\ProblemSetSubmissions Problem Set 1 is due by Thursday, July 19th at 6:00pm EST.
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