Year 1989 Median Salary: New York Yankees $500,000 CPI (1982-1984 = 100) 124 2015 3,300,000 Salaries in major league baseball have soared over the last 30 to 40 years. Some of the salary increase is due to inflation. The table above reports the consumer price index and the median nominal salary of the New York Yankees for 1989 and 2015. Source: USA Today Salaries Database, http://www.usatoday.com/sports/m/b/yankees/salaries/2015/team/all/ 238 Refer to Table 9-20. Calculate the real median salary of the New York Yankees in both 1982-1984 dollars and 2015 dollars. Calculate the percentage increase in the median salary of the Yankees from 1989 to 2015 in both nominal terms and in real terms.

Year 1989 Median Salary: New York Yankees $500,000 CPI (1982-1984 = 100) 124 2015 3,300,000 Salaries in major league baseball have soared over the last 30 to 40 years. Some of the salary increase is due to inflation. The table above reports the consumer price index and the median nominal salary of the New York Yankees for 1989 and 2015. Source: USA Today Salaries Database, http://www.usatoday.com/sports/m/b/yankees/salaries/2015/team/all/ 238 Refer to Table 9-20. Calculate the real median salary of the New York Yankees in both 1982-1984 dollars and 2015 dollars. Calculate the percentage increase in the median salary of the Yankees from 1989 to 2015 in both nominal terms and in real terms.

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter19: Earnings And Discrimination

Section: Chapter Questions

Problem 8PA

See similar textbooks

Similar questions

16 The weekly salary of sales staff of a department store are shown below. "f" is the frequency or the number of staff members earning the stated salary (x). Salary Frequency x f $590 7 680 6 940 29 980 10 1540 2 1880 1 The mean weekly salary is _______. a $868 b $913 c $961 d $1,012
A. List the six factors that can explain a variance in earnings. Select ONE factor and list two reasons why this you believe this factor has the most influence in wage differences.
The following figure shows the relationship between employment and monthly salary in the periods 1968 to 1984. Copytight o Moraw Educaton. Permsson required for reproduction or dispiay. Employment Monthly Salary ($) 250,000 4,500 230,000 4,000 210,000 190,000 3,500 170,000 150,000 3,000 130,000 2,500 110,000 Wage 90,000 2,000 70,000 Employment 50,000 1,500 1968 1970 1972 1974 1976 1978 1980 1982 1984 Using the labour supply - labour demand model, how can you rationalize the comovement between employment and wage in the period 1968-1976 The labour demand curve shifts to the left There is no way to rationalize the data The labour demand curve shifts to the right The labour supply curve shifts to the right The labour supply curve shifts to the left
6. Assume that 50% of New Yorkers receive an equal portion of the city's 30% income, while the remaining 50% halves the remaining income. Calculate the Gini coefficient for New York by drawing this situation on a graph. What is the 90/10 salary disparity?
i need urgent 10 upvote
John works for a government agency in California making $70,000 per year. He is being transferred to a branch office in Tennessee. The salary reduction associated with transfer is 11%. The Cost of Living Index (similar to consumer price index or equipment price index) in California is 132 whereas the Cost of Living Index in Tennessee is 95. a. How much extra income does John made as a result of the reduced Cost of Living? b. What is the adjusted salary of John based on the Cost of Living?
N4
Given the information in the table, what is the labor force participation rate? Catagory Less than 16 years old Full-time workers Full-time military Part-time workers A. 74.7% OB. 74.3% OC. 63.1% OD. 69.2% Institutionalized Looking for work Retired Number of people (millions) 40 135 1.2 20 14.8 11.5 41.5
E2
The following graph shows the relationship between a worker’s years of education and the salary he or she is likely to earn. What is wrong with this graph? It doesn’t label the variables on the two axes. It gives no information about the units for the variables. It uses different scales on the two axes. It has no data.
Describe how the earnings gap between men and women has evolved in recent decades.
Describe how the earnings gap between blacks and whites has evolved in recent decades.