The minimum wage in state A is $11 and the current 2022 CPI value is 122. The minimum wage in state B is $14 and the current 2022 CPI value is 160. What is the real minimum wage in state A (in base year dollars)? Also, What is the real minimum wage in state B (in base year dollars)?

The minimum wage in state A is $11 and the current 2022 CPI value is 122. The minimum wage in state B is $14 and the current 2022 CPI value is 160. What is the real minimum wage in state A (in base year dollars)? Also, What is the real minimum wage in state B (in base year dollars)?

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter10: Aggregate Supply

Section: Chapter Questions

Problem 1.2P

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The minimum wage in state A is $11 and the current 2022 CPI value is 122. The minimum wage in state B is $14 and the
current 2022 CPI value is 160. What is the real minimum wage in state A (in base year dollars)? Also, What is the real
minimum wage in state B (in base year dollars)?

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