Posted: February 26th, 2022

How much wouldyou have to win in the lottery that it would be a high enough amount that youwould go into work the next day and quit your job? Defend your answer with economic fact.

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How much wouldyou have to win in the lottery that it would be a high enough amount that youwould go into work the next day and quit your job?  Defend your answer with economic fact.
How does a wage increase affectthe supply of labor?  This week you are going to focus yourresearch on a this simple but yet complex question.
Forthis assignment you will need to do a bit a reading before you start yourpaper.  You need to gain knowledge beforeyou make your decision and can defend it. Read the following (will take less than hour to read all three).
1.    Start with reading the section in yourtextbook on page 439 that address labor supply and lottery winners.
2.    Next go to Lumen (https://courses.lumenlearning.com/ivytech-econ201-master/chapter/reading-the-supply-of-labor/)and read the article The Supply of Labor. This article will give you a good background on labor wages (do notworry about the formulas).
3.    Last read Heres why lottery winners gobroke at CNBC web site (https://www.cnbc.com/2017/08/25/heres-why-lottery-winners-go-broke.html)
Instructions:
Now that you have a background on the supplyof labor and wages, here is the prompt of this weeks 5 paragraph essay.
How much wouldyou have to win in the lottery that it would be a high enough amount that youwould go into work the next day and quit your job?  Defend your answer with economic fact.
Remember while this is your opinion on theamount of money, you still need to back it up with facts.  So, you would need to talk about budgets,taxes and few other things to make your conclusion believable.  This is not a fairy tale, you could win thelottery, so this is real-world application. I would not want you to be the lottery winner who goes broke.
Important Information:
Thisis a classic 5 paragraph essay.  Mostlikely you will use material from one of the sources above, so give creditwhere credit is due.  Please rememberthat I have read these articles many times, I know what is in them.  Use them, just do not pretend that their workin your work.  Last week you did a formalpaper, so you know how to give credit properly. In the world outside of academics you would be sued for copywrite infringementif you do not.
Thisis an opinion paper, so you can use first person.  What I am looking for is how well you developyour defense of your conclusion.  Startwith your conclusion as your thesis statement at the end of paragraph 1.  You then have 3 paragraphs to defend yourconclusion (should be three different reason) and then the last paragraph is asummary of your thesis and reasons why the read should side with yourconclusion.
PLEASE LET ME KNOW IF YOU NEED EXTRA PAGE AND I WIL PAY FOR IT

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