QUESTION 3 You have been asked by Fair Work Australia to investigate a claim by workers in the health care sector that they are under increasing financial pressure due to falling wages. Employers argue that this is incorrect as wages have actually increased. Table 3. Annual wages in the health care sector Year Nominal wages ($) 2019 2020 2021 75,000 77,340 79,536 CPI 144.5 145.2 149.1 Using the information in Table 3. (a) calculate the inflation rate between 2019 and 2020; and 2020 and 2021. (b) calculate the change in real wages between 2020 and 2021. (c) Discuss if the claim by the health care workers that they are "under increasing financial pressure due to falling wages" is justified.

QUESTION 3 You have been asked by Fair Work Australia to investigate a claim by workers in the health care sector that they are under increasing financial pressure due to falling wages. Employers argue that this is incorrect as wages have actually increased. Table 3. Annual wages in the health care sector Year Nominal wages ($) 2019 2020 2021 75,000 77,340 79,536 CPI 144.5 145.2 149.1 Using the information in Table 3. (a) calculate the inflation rate between 2019 and 2020; and 2020 and 2021. (b) calculate the change in real wages between 2020 and 2021. (c) Discuss if the claim by the health care workers that they are "under increasing financial pressure due to falling wages" is justified.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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