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.
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.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter16: Measuring The Cost Of Living
Section: Chapter Questions
Problem 5PA
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The table below lists hypothetical
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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