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Here are the approximate average Canadian wages and price levels in 2018 and 2019: 2018 2019...

  1. Here are the approximate average Canadian wages and price levels in 2018 and 2019:

2018 2019

nominal wage $24.81/hr $25.52/hr

CPI 134.1 136.9

  1. Calculate the 2019 real wage (in 2018 dollars)
  2. Calculate the % increase in the nominal wage between 2018 and 2019.
  3. Calculate the % increase in the real wage between 2018 and 2019.
  4. Calculate the inflation rate between 2018 and 2019.
  5. Write down the equation for the relationship between the % change in the nominal wage, % change in the real wage, and the inflation rate. Show that the equation holds for the numbers you have obtained in parts (b), (c), and (d) above.
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Answer #1

2018__ 24.81 2019 25.52 Nominal Wase - CPI 134.1 136.9 1 > Real wage rate : Nominal / CPI in current Wage rate CPI in referenY change in real wage rate __25.01 - 18:51 close = 35:12 y fra stared with CamScannerInflation rate = .CPI im current жи, CPI in - CP I in Рамил и previous year - Хі x 1 196 •9 – 134 134 •1 Scanneelwaith- Cam

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