:38 The employees of the Australian Steel Ltd. have presented the follow- ing data in support of their contention that they are entit led to a wage adjustment. Dollar ammounts shown represent the average weekly take home pay of the group. Year 1973 1974 1975 1976 $ 260.50 $ 260.80 $ 274.0 $ 282.50 Pay Index 126.8 129.5 136.2 141.2 (a) Compute the real wages based on the take home pay and the price indices given. (b) Compute the ammount of pay needed in 1976 to provide buying power equal to that enjoyed in 1973.

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