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Complete the table below. 3. 2002 2018 2019 CPI 100 134 140 Nominal wage per hour $7 $14 $16 Real wage per hour (k = 2002) %3
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Answer #1

Solution:

2002

2018

2019

CPI

100

134

140

Nominal wage per hour

$7

$14

$16

Real wage per hour (k= 2002)

$7

$10.45

$11.43

Real wage per hour (k= 2018)

$9.38

$14

$15.31

Explanation: Real wage rate = Nominal wage rate / [(CPI in current year)/(CPI in reference base year)]

1) When base year is 2002:

Real wage rate in year 2002 = 7/ [(100)/(100)] = 7

Real wage rate in year 2018 = 14/ [(134)/(100)] = 10.45

Real wage rate in year 2019 = 16/ [(140)/(100)] = 11.43

　

2) When base year is 2018:

Real wage rate in year 2002 = 7/ [(100)/(134)] = 9.38

Real wage rate in year 2018 = 14/ [(134)/(134)] = 14

Real wage rate in year 2019 = 16/ [(140)/(134)] = 15.31

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