Suppose General Electric paid its line workers $10 per hour in 2017 when the Consumer Price Index was 100. Suppose that deflatio occurred and the aggregate price level fell to 80 in the 2018. Instructions: Round your answers to two decimal places. a. GE needed to pay its workers $ b. GE needed to pay its workers $ c. If GE kept the wage fixed at $10 per hour in 2018, in real terms, its workers got a [ in 2018 in order to keep the real wage fixed at $10. in 2018 if it wanted to increase the real wage by 10 percent. % increase in real wages.

Suppose General Electric paid its line workers $10 per hour in 2017 when the Consumer Price Index was 100. Suppose that deflatio occurred and the aggregate price level fell to 80 in the 2018. Instructions: Round your answers to two decimal places. a. GE needed to pay its workers $ b. GE needed to pay its workers $ c. If GE kept the wage fixed at $10 per hour in 2018, in real terms, its workers got a [ in 2018 in order to keep the real wage fixed at $10. in 2018 if it wanted to increase the real wage by 10 percent. % increase in real wages.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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