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olga2289 [7]
3 years ago
5

In​ 1982-84 dollars, the real average hourly wage rate in 2005 was ​$8.18 and in 2006 ​, it was ​$8.24 . In 2005 ​, the CPI was

195.3 and in 2006 ​, the CPI was 201.6 . Calculate the nominal wage rate in 2005 and in 2006 .
Business
1 answer:
Alona [7]3 years ago
7 0

Answer:

the nominal wage rate in 2005 and in 2006 is 15.98 and 16.61 respectively

Explanation:

The computation of the nominal wage rate in 2005 and in 2006 is shown below:

For the year 2005

= $8.18 × $195.3 ÷ 100

= 15.98

And, for the year 2006

= $8.24 × 201.60 ÷ 100

= 16.61

In this way it should be calculated

hence, the nominal wage rate in 2005 and in 2006 is 15.98 and 16.61 respectively

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