1.2 The table below lists the actual minimum wage and CPI in 1974 and in 2017. Using the table, calculate the real minimum wage for 1974 and 2017. Are workers better off in terms of the purchasing power of a dollar in 1974 or 2017? Explain why. Year 1974 2017 Nominal Minimum Wage 2.00 7.25 CPI (1982=100) 49.3 244.3

1.2 The table below lists the actual minimum wage and CPI in 1974 and in 2017. Using the table, calculate the real minimum wage for 1974 and 2017. Are workers better off in terms of the purchasing power of a dollar in 1974 or 2017? Explain why. Year 1974 2017 Nominal Minimum Wage 2.00 7.25 CPI (1982=100) 49.3 244.3

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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