2. Below are historical data on the price level and weekly U.S. earnings from 1960 to 2020. Calculatereal average weekly earnings in the U.S. in 1970 dollars and in 2010 dollars.Real WeeklyEarnings(1970 dollars)Real WeeklyEarnings(2010 dollars)NominalWeeklyEarningsYearCPI196029.6$125197038.8$175198082.4$4001990130.7$6402000172.2$8502010218.1$1,0952020258.8$1,360

Historical data is information obtained about past events and conditions pertaining to a given…

2. Below are historical data on the price level and weekly U.S. earnings from 1960 to 2020. Calculate real average weekly earnings in the U.S. in 1970 dollars and in 2010 dollars. Nominal Weekly Earnings Real Weekly Earnings (1970 dollars) Real Weekly Earnings (2010 dollars) Year CPI 1960 29.6 $125 1970 38.8 $175 1980 82.4 $400 1990 130.7 $640 2000 172.2 $850 2010 218.1 $1,095 2020 258.8 $1,360

2. Below are historical data on the price level and weekly U.S. earnings from 1960 to 2020. Calculate real average weekly earnings in the U.S. in 1970 dollars and in 2010 dollars. Nominal Weekly Earnings Real Weekly Earnings (1970 dollars) Real Weekly Earnings (2010 dollars) Year CPI 1960 29.6 $125 1970 38.8 $175 1980 82.4 $400 1990 130.7 $640 2000 172.2 $850 2010 218.1 $1,095 2020 258.8 $1,360

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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please show all steps to getting the answer! Thanks
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