Consumer Price Index SETTINGS 1960 300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 Price Then ($) Price Now ($) 1960 Year GRAPH 10.00 Show Transcribed Text 10.00 1984 1965 1970 1975 1980 Reset 2016 1982-1984 = 100.00 1984 1985 1990 c PRICE CALCULATIONS CPI = 105.30 1984 Price Then $10.00 Price Now $22.79 $4.39 $10.00 (CPI data not seasonally adjusted. Source: BLS) Year 1995 2000 2005 2010 2015 2020 a) How much would a worker have to be paid per hour in 2016 to keep her real wage the same as in 1980 if she earned $10 per hour in 1980? Instructions: Round your answer to two decimal places. $[ b) A worker earned $10 a hour in 1980 and $14 an hour in 1990. Using the interactive tool to convert each of the wage rates to 2016 dollars, did this worker experience a rise in her real wage?
Consumer Price Index SETTINGS 1960 300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 Price Then ($) Price Now ($) 1960 Year GRAPH 10.00 Show Transcribed Text 10.00 1984 1965 1970 1975 1980 Reset 2016 1982-1984 = 100.00 1984 1985 1990 c PRICE CALCULATIONS CPI = 105.30 1984 Price Then $10.00 Price Now $22.79 $4.39 $10.00 (CPI data not seasonally adjusted. Source: BLS) Year 1995 2000 2005 2010 2015 2020 a) How much would a worker have to be paid per hour in 2016 to keep her real wage the same as in 1980 if she earned $10 per hour in 1980? Instructions: Round your answer to two decimal places. $[ b) A worker earned $10 a hour in 1980 and $14 an hour in 1990. Using the interactive tool to convert each of the wage rates to 2016 dollars, did this worker experience a rise in her real wage?
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 20AA
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