A report found that the real entry-level wage for college graduates declined by 7 percent between 2003 and 2010. 2010 Nominal Entry-Level Wage2010 CPI2003 CPI$13.80174.2146.5Instructions: Enter your responses rounded to two decimal places.Based on the information above:a. The 2010 real entry-level wage is $ .b. The 2003 real entry-level wage is $ .c. The 2003 nominal entry-level wage is $ .

a. The 2010 real entry-level wage can be calculated as follows: Thus, the 2010 real entry-level…

Answered: A report found that the real…

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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A report found that the real entry-level wage for college graduates declined by 7 percent between 2003 and 2010.

2010 Nominal Entry-Level Wage	2010 CPI	2003 CPI
$13.80	174.2	146.5

Instructions: Enter your responses rounded to two decimal places.

Based on the information above:

a. The 2010 real entry-level wage is $ .

b. The 2003 real entry-level wage is $ .

c. The 2003 nominal entry-level wage is $ .

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