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Nastasia [14]
3 years ago
9

Ford Motor Company agreed to pay its workers ​$37 an hour in 1999 and ​$37 an hour in 2001. The CPI in 1999 was 166 and in 2001

was 180. Calculate the real wage rate in each year​ (to the nearest​ cent). Did these workers really get a pay raise between 1999 and​ 2001?
Business
1 answer:
Grace [21]3 years ago
6 0

Answer:

No, the wage rate did not raise.

Explanation:

Given the nominal wage rate for the year 1999 = $37

CPI for 1999 = 166

The real wage for the year 1999 = [ Nominal wage / CPI ] x 100

The real wage for the year 1999 = [ 37/ 166] x 100 = $22.28

Given the nominal wage rate for the year 2001 = $37

CPI for 2001 = 180

The real wage for the year 2001 = [ Nominal wage / CPI ] x 100

The real wage for the year 2001 = [ 37/ 180] x 100 = $20.55

No the wage rate did not raise.

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3 years ago
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Which of the following best describes the advantage of living in a suburban area? A. Suburbs give people access to city jobs alo
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g On January 1, a machine with a useful life of four years and a salvage value of $13000 was purchased for $77000. What is the d
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