Charles started working in 2006 when the CPI was 100. His salary has remained at $30,000 since 2006. The CPI today is 200. A. Calculate the real value of his salary today. B. What should be his salary today in order to maintain the same buying power he had in 2006?
Charles started working in 2006 when the CPI was 100. His salary has remained at $30,000 since 2006. The CPI today is 200. A. Calculate the real value of his salary today. B. What should be his salary today in order to maintain the same buying power he had in 2006?
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
Section6.1: Measuring The Price Level
Problem 3ST
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