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3 years ago

According to the following data,

Business

1 answer:

rusak2 [61]3 years ago

3 0

Answer:

A.Nominal wages will increase by 64%

B.Consumer prices will increase by 49.41%

C.Real wages will increase by 14.85%

Explanation:

The computations are shown below:

a. Computation for what percentage did nominal wages increase between 2000 and 2019

Using this formula

Nominal wages = (Average hourly wage 2019-Average hourly wage 2000)÷Average hourly wage 2000

Let plug in the formula

Nominal wages($23 - $14) / ($14)

Nominal wages= ($9) / ($14)

Nominal wages= 64%

Therefore Nominal wages will increase by 64%

b. Computation for what percentage did consumer prices increase between 2000 and 2019

Using this formula

Consumer prices=(CPI 2019-CPI 2000)÷CPI 2000

Let plug in the formula

Consumer prices= (254 - 170) / (170

Consumer prices= (84) / (170)

Consumer prices= 49.41%

Therefore Consumer prices will increase by 49.41%

c. Computation for real wages increase between 2000 and 2019

Real wages increase= ($14 × 254) / (170)

Real wages increase= $20.92

Real wages increase= $23 - $20.92

Real wages increase= $2.08

Real wages increase= ($2.08 / $14) × 100

Real wages increase= 14.85%

Therefore the Real wages will increase by 14.85%

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Given,

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