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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 $27,000 106 $ 2019 $31,000 106 % $ 2020 $35,000 111.5 % 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 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 $27,000 106 $ 2019 $31,000 106 % $ 2020 $35,000 111.5 % 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 table above.

Macroeconomics: Principles and Policy (MindTap Course List)
Macroeconomics: Principles and Policy (MindTap Course List)
13th Edition
ISBN:9781305280601
Author:William J. Baumol, Alan S. Blinder
Publisher:William J. Baumol, Alan S. Blinder
Chapter6: How Statisticians Measure Inflation
Section6.A: How Statisticians Measure Inflation
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The average nominal incomes earned in Eturia and the CPI are shown in the table below. SCHOL Nominal income CPI (2002 = 100) a. Real income b. Percentage change of real income < Prev $ O Search 2018 $27,000 106 10 of 14 $ HH H 2019 $31,000 106 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, table above. % Next > $ 2020 $35,000 111.5 %
Transcribed Image Text:The average nominal incomes earned in Eturia and the CPI are shown in the table below. SCHOL Nominal income CPI (2002 = 100) a. Real income b. Percentage change of real income < Prev $ O Search 2018 $27,000 106 10 of 14 $ HH H 2019 $31,000 106 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, table above. % Next > $ 2020 $35,000 111.5 %
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