PLEASE EXPLAIN The table below shows the salaries that Seema can earn in two different cities,...
PLEASE EXPLAIN
- The table below shows the salaries that Seema can earn in two different cities, and the (hypothetical) current CPI (average price levels) in those cities. If the real value of salary was the only criteria, what is the minimum salary in Toronto that Seema should be offered so that she chooses Toronto?
|
City |
CPI |
Salary ($) |
|
Calgary |
100 |
80,000 |
|
Toronto |
210 |
150,000 |
Homework Answers
The minimum salary should be calculated by dividing salary of C by CPI of C and then a multiplication of CPI of T. This is the form of calculating real wages in T.
Minimum salary = (Salary of C / CPI of C) × CPI of T
= (80,000 / 100) × 210
= 800 × 210
= $168,000 (Answer)
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