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. Real Weekly Earnings (1970 dollars) Real Weekly Earnings (2010 dollars) Nominal Weekly Earnings 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

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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.
Real Weekly
Earnings
(1970 dollars)
Real Weekly
Earnings
(2010 dollars)
Nominal
Weekly
Earnings
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
Transcribed Image Text: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. Real Weekly Earnings (1970 dollars) Real Weekly Earnings (2010 dollars) Nominal Weekly Earnings 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
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