For the equivalent of US$2 you can get a, lunchbox (pictured above) that contains a bowl of rice, a chicken breast, and three sides. Most all-you-can-eat BBQ places would be in the US$8-12 range per person.
You can rent a 3 bedroom, 2 bathroom apartment in the city for about US$500.
This is all in Kaohsiung (in southern Taiwan), though. Stuff would be more expensive up north.
Depends on the job you're trying get. Most westerners teach English, although there are also those who are in engineering and quite a few who run their own businesses (usually restaurants or imports).
I can't speak for engineers or restaurateurs but, if you're looking to teach English, it's pretty easy to find work (assuming you're from an English speaking country and have a bachelor's degree). However, a low birth rate [i](as of 2010 we had the lowest in the world, currently were forth lowest after Singapore, Hong Kong and Macau)[/i] and a rise in competition [i](English used to be very lucrative, so a lot of new schools have opened in the last few years)[i] means there are fewer kids per school, making classes smaller and hours harder to come by compared to the past.
Do a good job, earn respect and you may be getting those hours down the line though. Also, keep in mind your average English teacher, per hour, can make double what your average local does.
TL;DR
If you don't really need money and are looking for a different life experience, you can live very comfortably here because the cost of living is so low.
If you've got things like student debt that need to be paid off, new comers might struggle a bit as your income will be scaled down as well (and you may not be getting as many hours as senior employees).
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