Question

Suppose registered nurses in 2007 made an average hourly wage of $30.04. In 2011, suppose their hourly wage had risen to $33.21. Given that the CPI for 2007 was 207.3 and the 2011 CPI was 224.9, answer the following. (a) Give the real wages (in dollars) for registered nurses for 2007 and 2011 by deflating the hourly wage rates. (Round your answers to the nearest cent.) Deflated 2007 wages Deflated 2011 wages $ (b) What is the percentage change in the actual hourly wage for registered nurses from 2007 to 2011? (Enter your percentage as a positive value. Round your answer to the nearest integer.) The percentage ---Select in actual hourly wages is %. (c) For registered nurses, what was the percentage change in real wages from 2007 to 2011? (Enter your percentage as a positive value. Round your answer to the nearest integer.) The percentage ---Select--- in real hourly wages was %.

Answer 1

Given Data CPI 207.3 Year 2007. Average angle = $30.04 Year 2011 Average wage - $33.21 CPI = 224.9 a) deflated average hourly wage 30.04 207.3 X100 = $14.49 deflated 2011 wages 332) -X100 = $14.76 224,9 b) % Change in the for average actualy hourly wage from 2007 to 2011 nurses registered 33.23 30.04 Xtoo 110.52 110:52-100*0.52% The of increase in actual hourly corages is C) % changee in real in real wages 14.76 2 101186 X100 14.449 The of increase in real bookly wages was 101-86-100 1.86%