4. ) James' income was $67,000 in 2010, $72,000 in 2014, and $78,000 in 2017. The Canadian CPI was 118.7 in 2014 and 122.6 in 2017. The CPI base year is 2010. a. Determine James' real income in 2014 and 2017. ( b. Should James be happy about his increases in salary from 2010 to 2017? Explain your results
4. ) James' income was $67,000 in 2010, $72,000 in 2014, and $78,000 in 2017. The Canadian CPI was 118.7 in 2014 and 122.6 in 2017. The CPI base year is 2010. a. Determine James' real income in 2014 and 2017. ( b. Should James be happy about his increases in salary from 2010 to 2017? Explain your results
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![4.
) James' income was $67,000 in 2010, $72,000 in 2014, and $78,000 in 2017. The
Canadian CPI was 118.7 in 2014 and 122.6 in 2017. The CPI base year is 2010.
a. Determine James' real income in 2014 and 2017. (
b. Should James be happy about his increases in salary from 2010 to 2017? Explain your
results](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffec7452a-397e-42a8-a7b9-d2d280f4ab3c%2Fa664df3f-d31a-4efd-8e80-6c6ecbf83889%2Fta1011h_processed.png&w=3840&q=75)
Transcribed Image Text:4.
) James' income was $67,000 in 2010, $72,000 in 2014, and $78,000 in 2017. The
Canadian CPI was 118.7 in 2014 and 122.6 in 2017. The CPI base year is 2010.
a. Determine James' real income in 2014 and 2017. (
b. Should James be happy about his increases in salary from 2010 to 2017? Explain your
results
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