Answered: Real wage is a wage deflated by the…

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter10: Sequences, Series, And Probability

Section10.8: Probability

Problem 22E

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Question

Real wage is a wage deflated by the current consumer price index. It gives information on how much current wage compares to the wage of given base year period. Real wage is obtained by dividing the nominal wage by the current Consumer Price Index (CPI) of a given month multiplied by 100. Table 1 below presents the real wage and nominal wage of non-agriculture workers in the Philippines as of December 2019 by region.

Based on the data, the mean nominal wage is ________.
A. 123.26
B. 291.81
C. 350.00
D. 358.88
Referring to the data, the median real wage is ________.
A. 123.2
B. 290.37
C. 291.81
D. 350.00

Region
Nominal Wage
CPI
Real Wage
NCR
537.00
119.8
448.25
CAR
350.00
120.4
290.70
340.00
120.9
281.22
360.00
122.8
293.16
II
400.00
120.7
331.40
IV-A
400.00
120.4
332.23
IV-B
320.00
124.1
257.86
V
310.00
123.9
250.20
VI
395.00
123.2
320.62
VII
386.00
125.2
308.31
VII
315.00
125.7
250.60
IX
316.00
126.1
250.59
365.00
125.7
290.37
XI
396.00
122.3
323.79
II
311.00
125.1
243.60
CARAGA
320.00
121.2
264.03
ARMM
280.00
127.9
218.92
Table 1. Nominal and Real Wages of Non-Agricultural Workers by Region.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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