Monthly Consumer Price Index from January 2015 to December 2020(Source: STATIN)Month201520162017201820192020January85.488.690.995.297.4102.5February84.887.991.195.197.4103.2March85.387.891.495.098.2102.9April85.487.591.794.698.3103.7May85.987.791.894.699.1103.8June86.388.592.495.099.0105.2July87.088.992.995.9100.0105.7August87.789.393.296.8100.8105.9September88.189.793.897.9101.2106.1October88.489.994.298.6101.8106.9November88.890.394.798.6103.2107.6December89.090.595.297.6103.6109.0 From the Table above:In December 2018, Mr. Logan Hepburn began receiving a salary of $100,000 per month.Up to December 2020, his salary has remained unchanged.What is his ‘‘real wage’’ in December 2020?

Real wage is the wage that is found by taking into consideration the current inflation rate. It is…

Answered: Monthly Consumer Price Index from…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Monthly Consumer Price Index from January 2015 to December 2020 (Source: STATIN)
Month	2015	2016	2017	2018	2019	2020
January	85.4	88.6	90.9	95.2	97.4	102.5
February	84.8	87.9	91.1	95.1	97.4	103.2
March	85.3	87.8	91.4	95.0	98.2	102.9
April	85.4	87.5	91.7	94.6	98.3	103.7
May	85.9	87.7	91.8	94.6	99.1	103.8
June	86.3	88.5	92.4	95.0	99.0	105.2
July	87.0	88.9	92.9	95.9	100.0	105.7
August	87.7	89.3	93.2	96.8	100.8	105.9
September	88.1	89.7	93.8	97.9	101.2	106.1
October	88.4	89.9	94.2	98.6	101.8	106.9
November	88.8	90.3	94.7	98.6	103.2	107.6
December	89.0	90.5	95.2	97.6	103.6	109.0

From the Table above:

In December 2018, Mr. Logan Hepburn began receiving a salary of $100,000 per month.
Up to December 2020, his salary has remained unchanged.

What is his ‘‘real wage’’ in December 2020?

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