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Tutor profile: Skylar S.

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Skylar S.
Accounting Instructor for one semester at Arkansas State University - Campus Queretaro and a tutor for 4 years at Arkansas State University
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Questions

Subject: Writing

TutorMe
Question:

Some countries, including the United States, are projected to see an increase in the average age of its population. According to the United States Census Bureau, the number of people 65 years of age and older will out-number children ages 18 years and younger by the year 2034. An aging population can impact a country in both positive and negative ways. Specifically, a country's economy can be affected by the change in population age. Please write an essay explaining the economic impact an aging population can have on a country. Include citations if necessary.

Inactive
Skylar S.
Answer:

An aging population can have a significant impact on a country's economy by increasing healthcare costs, experiencing a labor shortage due to a decline in the working age population, and changing consumer preferences that can alter supply and demand (Borji 2021, para. 1). If a country is experiencing an increase in the number of senior citizens in its population, the demand for healthcare rises, thus the cost of healthcare rises. In the coming decade, more people will need Medicare, medications, caregiving, and the like due to this increase in age and additional need of medical attention (Borji 2021, para. 5-6). Higher demand for healthcare can also lead to a shortage of medical workers. According to the Association of American Medical Colleges, the United States could experience a shortage of an estimated 47,000 to 122,000 doctors within the next 10 years. This will be especially evident in the primary and specialty care fields (Rogers 2019, para. 2). Arizona in particular is currently seeing a fast-paced population growth and a shortage of 600 primary caregivers. This is projected to increase to 2,000 caregivers by 2030 (Rogers 2019, para. 5). A country with an aging population can experience a labor shortage due to a decline in the working age population (Borji 2021, para. 1). According to the Census Bureau, the working age population in the United States plateaued in 2019 and fell for the first time in decades by 0.1% in 2020 (Rugaber 2021, para. 3). The number of workers that do not hold college degrees are projected to decrease, therefore causing a shortage in workers for many industries such as manufacturing, restaurants, and construction (Rugaber 2021, para. 18). According to USA Today, Universal Meat Company, a meat stamp company in Cleveland, Ohio, is seeing an increase in the number of retirees in the community and a decline in the working age population. The CEO, Scott Seaholm, is trying to interest the community’s younger generation in manufacturing jobs, hoping that the shortage can be overcome despite the negative projections he is seeing in the region (Rugaber 2021, para. 22). Lastly, an aging population can shift the demand and supply curves in a country based on their changing consumer preferences (Borji 2021, para. 1). Instead of spending their money on products and services such as childcare and school that younger and middle-aged people ordinarily spend their money on, seniors are buying more luxury items such as motorhomes, retirement and/or vacation homes (Buxton 2021, para. 4-5). As more people reach retirement age and have more time to spend doing other activities than working on a career, supply and demand will change based on these changing consumer needs. As a population increases in age, a country can experience several economic turns, both positive and negative. The economic impact can be significant and is important to analyze to make the necessary decisions to keep a country operating efficiently and effectively in the future years to come. Bibliography Borji, H.S. “4 Global Economic Issues of an Aging Population.” Investopedia. Investopedia, November 13, 2021. https://www.investopedia.com/articles/investing/011216/4-global-economic-issues-aging-population.asp. Buxton. “The Lost Generation: Baby Boomers.” Baby Boomers are one of the top spending generations. Buxton, 2021. https://www.buxtonco.com/blog/the-lost-generation-baby-boomers. Rogers, Kate. “America's Aging Population Is Leading to a Doctor Shortage Crisis.” CNBC. CNBC, September 6, 2019. https://www.cnbc.com/2019/09/06/americas-aging-population-is-leading-to-a-doctor-shortage-crisis.html. Rugaber, Christopher. “The Number of Working-Age People Fell in 2020. Could It Lead to Higher Pay?” USA Today. Gannett Satellite Information Network, July 5, 2021. https://www.usatoday.com/story/money/2021/07/03/labor-shortage-fewer-working-age-people-us-could-lift-higher-pay/7854338002/.

Subject: Basic Math

TutorMe
Question:

Three people walk into a clothing store that sells shirts and pants. The price of a shirt is X dollars and the price of a pair of pants is $5 more than the price of a shirt. Person A buys 4 shirts. Person B buys 3 pants. Person C buys 2 shirts and 1 pair of pants and spends $95 in total. How much did Person A and Person B spend?

Inactive
Skylar S.
Answer:

Shirt Price = X Pant Price = X + 5 -------- Each pant costs $5 more than each shirt. Person A = 4X -------- Person A buys 4 shirts for X dollars per shirt. Person B = 3(X + 5) ------- Person B buys 3 pants for (X+5) dollars per pant. Person C = 95 = 2X + 1(X+5) ----- Person C buys 2 shirts for X dollars and 1 pant for (X + 5) dollars each. Solve for the variable X (the price of each shirt) using the equation for Person C: 95 = 2X + 1(X + 5) Factor the 1(X + 5) first: 95 = 2X + 1X + 5 Combine like terms: 95 = 3X + 5 90 = 3X Divide and solve for X: 30 = X -------- The price of each shirt is $30. Now, plug in the value for X (which is $30) to solve for the amount that Person A and B spent. Person A = 4X = 4 * 30 = $120 Person B = 3(30 + 5) = 3(35) = $105 Person A spent $120 and Person B spent $105.

Subject: Finance

TutorMe
Question:

In 5 years at a 4.00% interest rate, an investment's future value will be $4,500. What is the investment's value today (at Time 0)?

Inactive
Skylar S.
Answer:

The given information is needed to solve for the present value: 1. Number of periods = 5 years 2. Future value = $4,500 3. Interest rate = 4.00% Use the present value formula to solve for the present value. See below: Present Value = Future Value / [(1 + Interest Rate) ^ Number of periods] Present Value = $4,500 / [(1 + 4.00%) ^ 5] Present Value = $3,698.67 (rounded to two decimal places) The investment is worth $3,698.67 today.

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