Answered: It is now 2020 and Kim decided to keep…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section: Chapter Questions

Problem 5WNG

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For Questions 13 and 14, Consider that Kim is a Nurse at a hospital in Atlanta and in 2010 she made an annual salary of $30,000. She has gotten several performance raises and one promotion over the years and in 2019 she earned $46,000 for the year. The Price Index representing her buying power in 2010 was 100 and in 2019 it is 164.

It is now 2020 and Kim decided to keep working at that hospital and has worked another year and gotten a raise and another promotion and now her salary is $54,000 per year and the 2020 price index is now 171. NOW, what is the approximate value of her buying power now expressed in 2010 dollars?

Question 14 options:

	$32,927
	$26,900
	$29,466
	$31,579

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