4) Nominal & Real Wages Table 4 gives average hourly nominal wages in manufacturing and the price levels in the Narnia from 1925 to 1930. Answer each question only in a manner appropriate for the issue at hand. Be sure to demonstrate with all data for comparative purposes. (Show all work in context.) Table 4 Nominal Price Level Year Wages ($/hour) (CPI) 1925 12.07 148.2 1926 12.37 152.4 1927 12.77 156.9 1928 13.17 160.5 1929 13.49 163.0 1930 13.91 166.6 a) For each year, calculate the real wage. b) In what year did the nominal wage increase the most? c) In what year did the real wage increase the most? d) Did you get the same years for both (b) and (c)? If you did not, what accounts for the difference? (Hint: Critical Thinking)

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