Answered: Real wage is a wage deflated by the…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Real wage is a wage deflated by the current consumer price index. It gives information on how much current wage compares to the wage of given base year period. Real wage is obtained by dividing the nominal wage by the current Consumer Price Index (CPI) of a given month multiplied by 100. Table 1 below presents the real wage and nominal wage of non-agriculture workers in the Philippines as of December 2019 by region.

Based on the data, the mean nominal wage is ________.
A. 123.26
B. 291.81
C. 350.00
D. 358.88
Referring to the data, the median real wage is ________.
A. 123.2
B. 290.37
C. 291.81
D. 350.00

Region
Nominal Wage
CPI
Real Wage
NCR
537.00
119.8
448.25
CAR
350.00
120.4
290.70
340.00
120.9
281.22
360.00
122.8
293.16
II
400.00
120.7
331.40
IV-A
400.00
120.4
332.23
IV-B
320.00
124.1
257.86
V
310.00
123.9
250.20
VI
395.00
123.2
320.62
VII
386.00
125.2
308.31
VII
315.00
125.7
250.60
IX
316.00
126.1
250.59
365.00
125.7
290.37
XI
396.00
122.3
323.79
II
311.00
125.1
243.60
CARAGA
320.00
121.2
264.03
ARMM
280.00
127.9
218.92
Table 1. Nominal and Real Wages of Non-Agricultural Workers by Region.

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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