The formula to calculate the average weekly wage is:
\[ \text{Average Weekly Wage} = \frac{\text{Total Wages Earned}}{\text{Number of Weeks}} \]
Where:
The average weekly wage is the average amount of money earned per week, calculated by dividing the total wages earned by the number of weeks.
Consider an example where the total wages earned are \$52,000 over 52 weeks:
Using the formula to calculate the average weekly wage:
\[ \text{Average Weekly Wage} = \frac{52,000}{52} = 1,000 \text{ USD/week} \]
This means that the average weekly wage for this example is \$1,000 per week.