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The average nominal incomes earned in Eturia and the CPI are shown in the table below. Nominal income CPI (2002= 100) a. Real income b. Percentage change of real income $ 2018 $22,500 107 $ 2019 $26,100 110 % $ 2020 $28,000 116 % a. Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above.

The average nominal incomes earned in Eturia and the CPI are shown in the table below. Nominal income CPI (2002= 100) a. Real income b. Percentage change of real income $ 2018 $22,500 107 $ 2019 $26,100 110 % $ 2020 $28,000 116 % a. Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above.

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter16: Measuring The Cost Of Living
Section: Chapter Questions
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The average nominal incomes earned in Eturia and the CPI are shown in the table below. Nominal income CPI (2002 = 100) a. Real income b. Percentage change of real income $ < Prev 2018 $22,500 107 10 of 14 $ SAMSUNG 2019 $26,100 110 % a. Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above. $ Next > S 2020 $28,000 116 %
Transcribed Image Text:The average nominal incomes earned in Eturia and the CPI are shown in the table below. Nominal income CPI (2002 = 100) a. Real income b. Percentage change of real income $ < Prev 2018 $22,500 107 10 of 14 $ SAMSUNG 2019 $26,100 110 % a. Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above. $ Next > S 2020 $28,000 116 %
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