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 $27,000 106 $ 2019 $31,000 106 % $ 2020 $35,000 111.5 % 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 table above.

Essentials of Economics (MindTap Course List)
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ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter16: Measuring The Cost Of Living
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The average nominal incomes earned in Eturia and the CPI are shown in the table below.
SCHOL
Nominal income
CPI (2002 = 100)
a. Real income
b. Percentage change of real income
< Prev
$
O Search
2018
$27,000
106
10 of 14
$
HH
H
2019
$31,000
106
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,
table above.
%
Next >
$
2020
$35,000
111.5
%
Transcribed Image Text:The average nominal incomes earned in Eturia and the CPI are shown in the table below. SCHOL Nominal income CPI (2002 = 100) a. Real income b. Percentage change of real income < Prev $ O Search 2018 $27,000 106 10 of 14 $ HH H 2019 $31,000 106 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, table above. % Next > $ 2020 $35,000 111.5 %
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