In 1950, the federal minimum wage for the United States was $ 0.75. How much would this minimum wage be worth in 2021? A) $ 8.16 B) $ 8.83 C) $ 9.21 D) $ 9.82 YearUS CPIYearUS CPIYearUS CPIYearUS CPIYearUS CPI19139.9193814.1196330.61988118.32013233191410193913.919643119891242014236.7191510.1194014196531.51990130.72015237191610.9194114.7196632.51991136.22016240191712.8194216.3196733.41992140.32017245.1191815194317.3196834.81993144.52018251.1191917.3194417.6196936.71994148.22019255.7192020194518197038.81995152.42020258.8192117.9194619.5197140.51996156.92021262.2192216.8194722.3197241.81997160.5192317.1194824197344.41998163192417.1194923.8197449.31999166.6192517.5195024.1197553.82000172.2192617.7195126197656.92001177.1192717.4195226.6197760.62002179.9192817.2195326.8197865.22003184192917.2195426.9197972.62004188.9193016.7195526.8198082.42005195.3193115.2195627.2198190.92006201.6193213.6195728.1198296.52007207.3193312.9195828.9198399.62008215.3193413.4195929.21984103.92009214.5193513.7196029.61985107.62010218.1193613.9196129.91986109.62011224.91937J.30.31987 113.614.419622012229.6

The hourly wage rate is measured in dollars, on an average. The hourly wage rate measured in dollars…

Answered: n 1950, the federal minimum wage for…

n 1950, the federal minimum wage for the United States was $ 0.75. How much would this minimum wage be worth in 2021? A) $ 8.16 B) $ 8.83 C) $ 9.21 D) $ 9.82

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

In 1950, the federal minimum wage for the United States was $ 0.75. How much would this minimum wage be worth in 2021?

A) $ 8.16

B) $ 8.83

C) $ 9.21

D) $ 9.82

Year
US CPI
Year
US CPI
Year
US CPI
Year
US CPI
Year
US CPI
1913
9.9
1938
14.1
1963
30.6
1988
118.3
2013
233
1914
10
1939
13.9
1964
31
1989
124
2014
236.7
1915
10.1
1940
14
1965
31.5
1990
130.7
2015
237
1916
10.9
1941
14.7
1966
32.5
1991
136.2
2016
240
1917
12.8
1942
16.3
1967
33.4
1992
140.3
2017
245.1
1918
15
1943
17.3
1968
34.8
1993
144.5
2018
251.1
1919
17.3
1944
17.6
1969
36.7
1994
148.2
2019
255.7
1920
20
1945
18
1970
38.8
1995
152.4
2020
258.8
1921
17.9
1946
19.5
1971
40.5
1996
156.9
2021
262.2
1922
16.8
1947
22.3
1972
41.8
1997
160.5
1923
17.1
1948
24
1973
44.4
1998
163
1924
17.1
1949
23.8
1974
49.3
1999
166.6
1925
17.5
1950
24.1
1975
53.8
2000
172.2
1926
17.7
1951
26
1976
56.9
2001
177.1
1927
17.4
1952
26.6
1977
60.6
2002
179.9
1928
17.2
1953
26.8
1978
65.2
2003
184
1929
17.2
1954
26.9
1979
72.6
2004
188.9
1930
16.7
1955
26.8
1980
82.4
2005
195.3
1931
15.2
1956
27.2
1981
90.9
2006
201.6
1932
13.6
1957
28.1
1982
96.5
2007
207.3
1933
12.9
1958
28.9
1983
99.6
2008
215.3
1934
13.4
1959
29.2
1984
103.9
2009
214.5
1935
13.7
1960
29.6
1985
107.6
2010
218.1
1936
13.9
1961
29.9
1986
109.6
2011
224.9
1937J.
30.3
1987 113.6
14.4
1962
2012
229.6

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