Simone and her employer both expected inflation to be 3% between 2012 and 2013, so they agreed, in a two-year contract, that she would earn $12.00 per hour in 2012 and $12.36 per hour in 2013. However, suppose inflation between 2012 and 2013 actually turned out to be 6%, not 3%. For example, suppose the price of orange juice rose from $2.40 per gallon to $2.54 per gallon. This means that between 2012 and 2013, Simone's nominal wage decreased by 3%, and her real wage decreased by approximately

Simone and her employer both expected inflation to be 3% between 2012 and 2013, so they agreed, in a two-year contract, that she would earn $12.00 per hour in 2012 and $12.36 per hour in 2013. However, suppose inflation between 2012 and 2013 actually turned out to be 6%, not 3%. For example, suppose the price of orange juice rose from $2.40 per gallon to $2.54 per gallon. This means that between 2012 and 2013, Simone's nominal wage decreased by 3%, and her real wage decreased by approximately

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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