It is not fair to compare the two wage levels provided in the last question because...
It is not fair to compare the two wage levels provided in the last question because a dollar had more buying power in 1929 than it had in 2017. The GDP deflator was 9.9 in 1929 and 113.4 in 2017. Use these GDP deflator price index numbers to convert the $0.56 wage for 1929 into year 2017 dollars.
Homework Answers
Answer
Amount in year x to year y =( amount in year x /GDP deflator in year x)* GDP deflator in year y
the $0.56 wage for 1929 into year 2017 dollars=(0.56/9.9)*113.4
=6.41454545
=6.41
the $0.56 wage for 1929 into the year 2017 dollars is $6.41
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