6. Suppose the nominal median household income for a family of four in the United States was $24,118.00 in 1985, $34,678.00 in 1995,$48,326.00 in 2005, and $51,276.00 in 2015.You will need to know that the CPI (multiplied by 100, 1982–1984 = 100) was 106.6 in 1985, 151.4 in 1995, 194.3 in 2005, and 217.1 in2015.%3DInstructions: Enter your responses rounded to two decimal places.YearReal Income1985$1995$2005$2015$Between 1985 and 2005, the real median household income (Click to select)Between 2005 and 2015, the real median household income v (Click to select)rosedeclinedstayed constant

Real Income = CPI in base year / CPI in current year * 100

Suppose the nominal median household income for a family of four in the United States was $24,118.00 in 1985, $34,678.00 in 1995, $48,326.00 in 2005, and $51,276.00 in 2015. You will need to know that the CPI (multiplied by 100, 1982–1984 = 100) was 106.6 in 1985, 151.4 in 1995, 194.3 in 2005, and 217.1 in 2015.

Suppose the nominal median household income for a family of four in the United States was $24,118.00 in 1985, $34,678.00 in 1995, $48,326.00 in 2005, and $51,276.00 in 2015. You will need to know that the CPI (multiplied by 100, 1982–1984 = 100) was 106.6 in 1985, 151.4 in 1995, 194.3 in 2005, and 217.1 in 2015.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose the nominal median household income for a family of four in the United States was $24,118.00 in 1985, $34,678.00 in 1995,
$48,326.00 in 2005, and $51,276.00 in 2015.
You will need to know that the CPI (multiplied by 100, 1982–1984 = 100) was 106.6 in 1985, 151.4 in 1995, 194.3 in 2005, and 217.1 in
2015.
%3D
Instructions: Enter your responses rounded to two decimal places.
Year
Real Income
1985
$
1995
$
2005
$
2015
$
Between 1985 and 2005, the real median household income (Click to select)
Between 2005 and 2015, the real median household income v (Click to select)
rose
declined
stayed constant

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