Answer :- According to the new Hampshire Department of education, the average teacher salary in public school districts in new Hampshire was ($45,328) in 2006, ($46,733) in 2007 and ($45,328) in 2008.
a) The real salary of the teachers is calculated as follows :-
• Real salary (2006) :-
= Nominal salary (2006) /CPI (2006)
= (45328/201.59) × 100
= 22485.24
[ Real salary (2006) = $22,485.24 ]
• Real salary (2007) :-
=> Nominal salary (2007) /CPI (2007)
= (46733 /207.34) × 100
= 22539.31
[ Real salary (2007) = $22,539.31 ]
• Real salary (2008) :-
=> Nominal salary (2008) /CPI (2008)
= (45328 /215.30) × 100
= 21053.41
[ Real salary (2008) = $21,053.41 ]
b) Percentage change in the dollar value (nominal) as well as the purchasing power (real) of salaries is calculated as follows :-
=> Percentage change in dollar value in 2007 :-
• Nominal salary(2007) :-
=> [(46733 - 45328)/45328] × 100
= (1405 /45328) × 100
= 3.10℅
[ Nominal salary (2007) = 3.10℅ ]
• Real salary (2007) :-
= [Real salary(2007) - Real salary (2006)]/ Real salary (2006) -----(from part a)
= [(22539.31 - 22485.24)/ 22485.24] × 100
= (54.07 /22485.24) × 100
= 0.24℅
[ Real salary (2007) = 0.24℅ ]
=> Percentage change in dollar value in 2008 :-
• Nominal salary (2008) :-
=> [(45328 - 46733)/ 46733] × 100
= (-1405 /46733) × 100
= -3℅
[ Nominal salary (2008) = -3℅ ]
• Real salary (2008) :-
= Real salary(2008) - Real salary (2007)]/ Real salary (2007) -----(from part a)
= [(21053.41 - 22539.31) /22539.31] × 100
= (-1485.9 /22539.31) × 100
= -6.59℅
[ Real salary (2008) = -6.59℅ ]
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