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REY [17]
3 years ago
14

A report found that the real entry-level wage for college graduates declined by 6 percent between 2003 and 2010.

Business
1 answer:
S_A_V [24]3 years ago
7 0

Answer: The answer is as follows:

Explanation:

Given that,

Real entry-level wage declined by 6% between 2003 and 2010

2010 Nominal Entry-Level Wage = $13.50

2010 CPI = $170.2

2003 CPI = 142.5

(a) Real entry wage in 2010 = \frac{2010\ Nominal\ entry\ level\ wage}{2010\ CPI}

= \frac{13.50}{170.2}

= $7.93

The 2010 Real entry-wage level is $7.93

2010 real wage declined by 6% from 2003

( b) The 2003 real entry-wage level is $8.43

Therefore, real entry-level wage in 2003 =  \frac{7.93}{94%}

= $8.43

(c) 2003 nominal entry-level wage in CPI term = 2003\ real\ entry\ wage \times \frac{2003\ CPI}{100}

= 8.43 \times \frac{142.5}{100}

= $12.01

The 2003 nominal entry-wage is $ 12.01

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In recent years, there has been a large push for an increase in the use of renewable resources to produce the energy we need to
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