47. Given the following data : Weekly take-home pay (wages) Consumer price index Year 109.50 112.8 2012 2013 112.20 118.2 2014 116.40 127.4 2015 125.08 138.2 2016 135.40 143.5 2017 138.10 149.8 () What was the real average weekly wage for each year ? (i) In which year did the employees have the greatest buying power ? (ii) What percentage increase in the weekly wages for the year 2017 is required (if any) to provide the same buying power that the employees enjoyed in the year in which they had the highest real wages ?

MATLAB: An Introduction with Applications
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Author:Amos Gilat
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47. Given the following data :
Weekly take-home
pay (wages)
Consumer price
index
Year
109.50
112.8
2012
2013
112.20
118.2
2014
116.40
127.4
2015
125.08
138.2
2016
135.40
143.5
2017
138.10
149.8
() What was the real average weekly wage for each year ?
(i) In which year did the employees have the greatest buying power ?
(ii) What percentage increase in the weekly wages for the year 2017 is required (if any)
to provide the same buying power that the employees enjoyed in the year in which
they had the highest real wages ?
Transcribed Image Text:47. Given the following data : Weekly take-home pay (wages) Consumer price index Year 109.50 112.8 2012 2013 112.20 118.2 2014 116.40 127.4 2015 125.08 138.2 2016 135.40 143.5 2017 138.10 149.8 () What was the real average weekly wage for each year ? (i) In which year did the employees have the greatest buying power ? (ii) What percentage increase in the weekly wages for the year 2017 is required (if any) to provide the same buying power that the employees enjoyed in the year in which they had the highest real wages ?
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