B. Suppose fast food workers currently earn $8 per hour and the aggregate price level is $2. A number of the workers, believing that their real wage is too low, organized a strike for fast-food workers. 1. If next year’s aggregate price level is $4, what must their wage be next year so that the workers have a real wage that is equal to this year’s real wage? (realvalue = nominalvalue/price)

Exploring Economics
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ISBN:9781544336329
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Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
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B. Suppose fast food workers currently earn $8 per hour and the aggregate price level is $2. A number of the workers, believing that their real wage is too low, organized a strike for fast-food workers.

1. If next year’s aggregate price level is $4, what must their wage be next year so that the workers have a real wage that is equal to this year’s real wage? (realvalue = nominalvalue/price)

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