Congratulations! Your boss has given you a raise. However, you want to know whether your purchasing power has increased, since inflation is also rising. The table below gives you data for wages and the Consumer Price Index (CPI) for the last two years. Wage ($/day) CPI Year 1$ 2000 CPI 120 Year 2$2200 CPI 129.6 The nominal percentage increase in your wage is enter your response here%. (Round your answer to one decimal place.) Part 2 The real percentage increase in your wage is enter your response here%. (Round your answer to one decimal place.)
Congratulations! Your boss has given you a raise. However, you want to know whether your purchasing power has increased, since inflation is also rising. The table below gives you data for wages and the Consumer Price Index (CPI) for the last two years. Wage ($/day) CPI Year 1$ 2000 CPI 120 Year 2$2200 CPI 129.6 The nominal percentage increase in your wage is enter your response here%. (Round your answer to one decimal place.) Part 2 The real percentage increase in your wage is enter your response here%. (Round your answer to one decimal place.)
Chapter7: Unemployment And Inflation
Section: Chapter Questions
Problem 3.7P
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Congratulations! Your boss has given you a raise.
However, you want to know whether your purchasing power has increased, since inflation is also rising. The table below gives you data for wages and the Consumer Price Index (CPI) for the last two years.
Wage ($/day)
CPI
Year 1
$ 2000 CPI 120
Year 2
$2200 CPI 129.6
The nominal percentage increase in your wage is
enter your response here%. (Round your answer to one decimal place.)
Part 2
The real percentage increase in your wage is
enter your response here%. (Round your answer to one decimal place.)
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