a. Using the information below, and assuming that you want to maintain your purchasing power from 2011, what nominal wage should you demand in each of the given years? Instructions: Round your answers to two decimal places. CPI Values and Nominal Wages Year 2011 CPI 246.0 2012 255.5 2013 247.3 2014 261.9 Nominal Wage (dollars) $82,600 b. Assume that your annual wage in 2014 was $88,240 This represents a nominal raise but a decline in the real wage

a. Using the information below, and assuming that you want to maintain your purchasing power from 2011, what nominal wage should you demand in each of the given years? Instructions: Round your answers to two decimal places. CPI Values and Nominal Wages Year 2011 CPI 246.0 2012 255.5 2013 247.3 2014 261.9 Nominal Wage (dollars) $82,600 b. Assume that your annual wage in 2014 was $88,240 This represents a nominal raise but a decline in the real wage

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 10CQ

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