The table below lists hypothetical CPI and wage values for the United States from different decades.   a. Complete the table by computing the real income for each year shown in the table.   Instructions: Round your answers to two decimal places.

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Chapter16: Measuring The Cost Of Living
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The table below lists hypothetical CPI and wage values for the United States from different decades.

 

a. Complete the table by computing the real income for each year shown in the table.

 

Instructions: Round your answers to two decimal places.

 

        Nominal and Real Income

 

Year Average Nominal Wage (dollars) CPI Average Real Wage(dollars)
1967 $7,329 34.9  
1977 14,131 62.6  
1987 27,249 118.1  
1997 38,882 167.5  
2007 51,462 215.3  
2013 54,449 242.5  

 

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