Suppose in 2003 workers in a certain type of profession made an average hourly wage of $28.45. Suppose in 2013, their hourly wage had risen to $35.72. Given that the CPI for 2003 was 184.0 and the 2013 CPI was 233.0, answer the following. (a) Give the real wages (in $) for these workers for 2003 and 2013 by deflating the hourly wage rates. (Round your answers to the nearest cent.) 2003 2013 (b) What is the percentage change in the nominal hourly wage for these workers from 2003 to 2013? (Round your answer to one decimal place.) (c) For these workers, what was the percentage change in real wages from 2003 to 2013? (Round your answer to one decimal place.)

Suppose in 2003 workers in a certain type of profession made an average hourly wage of $28.45. Suppose in 2013, their hourly wage had risen to $35.72. Given that the CPI for 2003 was 184.0 and the 2013 CPI was 233.0, answer the following. (a) Give the real wages (in $) for these workers for 2003 and 2013 by deflating the hourly wage rates. (Round your answers to the nearest cent.) 2003 2013 (b) What is the percentage change in the nominal hourly wage for these workers from 2003 to 2013? (Round your answer to one decimal place.) (c) For these workers, what was the percentage change in real wages from 2003 to 2013? (Round your answer to one decimal place.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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