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04 Question (3 points) In 1938 the Fair Labor Standards Act (FLSA) established an hourly minimum wage of 25 cents per hour. S


See Hint Part 2 (1 point) If the minimum wage in 2016 had kept up with the increase in the cost of living since 1938, the min
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Answer #1

If minimum wage was kept in accordance to cost of living, then the minimum wage in 2016 should be= ((minimum wage in 1938)/(CPI in 1938))*(CPI in 2016)

Putting the values,

= (0.25/14)*240

=4.2857

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