4.) Seattle's minimum wage for businesses with 501 employees or more as of January 2024 is $19.97 per hour (i.e., the nominalwage). If the January 2024 CPI-W is 302.201 according to Bureau of Labor Statistics (BLS), what is the real wage rate in 2024? All itemsFoodFood at homeFood away from home(1)EnergyEnergy commoditiesGasoline (all types)Fuel oilEnergy servicesElectricityUtility (piped) gas serviceAll items less food and energyCommodities less food and energy commoditiesNew vehiclesUsed cars and trucksApparelMedical care commodities(1)Services less energy servicesShelterTransportation servicesMedical care servicesJul.20230.20.20.20.20.0-0.1-0.22.10.1-0.41.50.2-0.30.0-1.50.10.50.40.50.8-0.3Seasonally adjusted changes from preceding monthAug.20230.50.20.20.34.48.38.311.20.10.2-0.30.2-0.20.2-1.90.20.60.40.31.60.0Sep.20230.40.20.10.41.21.81.66.40.30.8-1.40.3-0.20.2-1.8-0.3-0.30.50.60.70.2Oct.20230.10.30.30.4-2.1-4.3-4.3-6.40.40.40.30.20.0-0.1-0.40.00.40.30.30.90.2Nov.20230.20.20.00.4-1.6-3.8-4.0-1.11.01.01.20.3-0.20.01.4-0.60.50.50.41.00.5Dec.20230.20.20.10.3-0.2-0.7-0.6-3.30.30.6-0.60.3-0.10.20.60.0-0.10.40.40.10.5Jan.20240.30.40.40.5-0.9-3.2-3.3-4.51.41.22.00.4-0.30.0-3.4-0.7-0.60.70.61.00.7Un-adjusted12-mos.endedJan. 20243.12.61.25.1-4.6-6.9-6.4-14.2-2.03.8-17.83.9-0.30.7-3.50.13.05.46.09.50.6

The computation of wages can be done by two methods that is nominal wage or real wage ,nominal wage…

4.) Seattle's minimum wage for businesses with 501 employees or more as of January 2024 is $19.97 per hour (i.e., the nominal wage). If the January 2024 CPI-Wlis 302.201 according to Bureau of Labor Statistics (BLS), what is the real wage rate in 2024?

4.) Seattle's minimum wage for businesses with 501 employees or more as of January 2024 is $19.97 per hour (i.e., the nominal wage). If the January 2024 CPI-Wlis 302.201 according to Bureau of Labor Statistics (BLS), what is the real wage rate in 2024?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

4.) Seattle's minimum wage for businesses with 501 employees or more as of January 2024 is $19.97 per hour (i.e., the nominal
wage). If the January 2024 CPI-W is 302.201 according to Bureau of Labor Statistics (BLS), what is the real wage rate in 2024?

All items
Food
Food at home
Food away from home(1)
Energy
Energy commodities
Gasoline (all types)
Fuel oil
Energy services
Electricity
Utility (piped) gas service
All items less food and energy
Commodities less food and energy commodities
New vehicles
Used cars and trucks
Apparel
Medical care commodities(1)
Services less energy services
Shelter
Transportation services
Medical care services
Jul.
2023
0.2
0.2
0.2
0.2
0.0
-0.1
-0.2
2.1
0.1
-0.4
1.5
0.2
-0.3
0.0
-1.5
0.1
0.5
0.4
0.5
0.8
-0.3
Seasonally adjusted changes from preceding month
Aug.
2023
0.5
0.2
0.2
0.3
4.4
8.3
8.3
11.2
0.1
0.2
-0.3
0.2
-0.2
0.2
-1.9
0.2
0.6
0.4
0.3
1.6
0.0
Sep.
2023
0.4
0.2
0.1
0.4
1.2
1.8
1.6
6.4
0.3
0.8
-1.4
0.3
-0.2
0.2
-1.8
-0.3
-0.3
0.5
0.6
0.7
0.2
Oct.
2023
0.1
0.3
0.3
0.4
-2.1
-4.3
-4.3
-6.4
0.4
0.4
0.3
0.2
0.0
-0.1
-0.4
0.0
0.4
0.3
0.3
0.9
0.2
Nov.
2023
0.2
0.2
0.0
0.4
-1.6
-3.8
-4.0
-1.1
1.0
1.0
1.2
0.3
-0.2
0.0
1.4
-0.6
0.5
0.5
0.4
1.0
0.5
Dec.
2023
0.2
0.2
0.1
0.3
-0.2
-0.7
-0.6
-3.3
0.3
0.6
-0.6
0.3
-0.1
0.2
0.6
0.0
-0.1
0.4
0.4
0.1
0.5
Jan.
2024
0.3
0.4
0.4
0.5
-0.9
-3.2
-3.3
-4.5
1.4
1.2
2.0
0.4
-0.3
0.0
-3.4
-0.7
-0.6
0.7
0.6
1.0
0.7
Un-
adjusted
12-mos.
ended
Jan. 2024
3.1
2.6
1.2
5.1
-4.6
-6.9
-6.4
-14.2
-2.0
3.8
-17.8
3.9
-0.3
0.7
-3.5
0.1
3.0
5.4
6.0
9.5
0.6

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