The average nominal incomes earned in Eturia and the CPI are shown in the table below. Nominal income CPI (2002= 100) a. Real income b. Percentage change of real income $ 2018 $22,500 107 $ 2019 $26,100 110 % $ 2020 $28,000 116 % a. Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above.

The average nominal incomes earned in Eturia and the CPI are shown in the table below. Nominal income CPI (2002= 100) a. Real income b. Percentage change of real income $ 2018 $22,500 107 $ 2019 $26,100 110 % $ 2020 $28,000 116 % a. Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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