Question

economics problem

Answer 1

@zarkam21

Answer 2

Okay so far I have

1,030 + 1,150 =2,180

2,180 * 12 =26,160

Answer 3

Well the first part is how much I would have to earn each month to meet these expenses

Answer 4

at least 2300 right?

Answer 5

good, now if we look up the average income for somebody with a high school diploma the average is $36,376

so for #1 we could say that yes, it could be realistic if you live modestly

Answer 6

look, @Vocaloid if you didn't want me on here you could've just told me to leave and I would've. Anyways, I'm serious that you forgot your mortgage. The 450 dollars is basically insurance FOR your mortgage. Mortgages don't cost 450 dollars a month. Think more like in the thousands. In your cause you'd probably be renting, which would be in the upper hundreds to couple thousands of dollars rent

Answer 7

1. How much would you have to earn each month to cover your living expenses? Does this seem like a realistic income for you?
2. Did anything about your estimated monthly budget surprise you?
3. What kinds of preparations and sacrifices might you have to make to live on your own? 4. How does the prospect of moving out seem in light of this budget?

Answer 8

What about 1a ... i would have to earn 2,300 right

Answer 9

to give you an example, when split 6 ways, a 5BR house in charlottesville costs me 400 dollars a month. I'm in the DC area right now though, and my rent when split 2 ways for a 2BR is 1200. Either way 450 dollars is really really low, unless you plan on having a roommate in your bedroom

Answer 10

NO, nothing about my monthly budget would surprise me because these are accurate costs for living

Answer 11

well I suppose #2 is opinion based so that's a valid answer

Answer 12

for #3 any ideas? you are living on a relatively small budget so what sort of lifestyle changes/opportunity sacrifices might you have to make?

Answer 13

I would have to control eating out habits and extra clothing and stuff.

Answer 14

good, and as for opportunity costs, I would say that moving out vs. living with your parents ends up costing you money that could have gone towards higher education

Answer 15

anyway, going off of that, #4 is just asking you to take all the information into consideration and form an opinion about whether moving out is a good/reasonable prospect, any ideas on that?