Year 1989 Median Salary: New York Yankees $500,000 CPI (1982-1984 = 100) 124 2015 3,300,000 Salaries in major league baseball have soared over the last 30 to 40 years. Some of the salary increase is due to inflation. The table above reports the consumer price index and the median nominal salary of the New York Yankees for 1989 and 2015. Source: USA Today Salaries Database, http://www.usatoday.com/sports/m/b/yankees/salaries/2015/team/all/ 238 Refer to Table 9-20. Calculate the real median salary of the New York Yankees in both 1982-1984 dollars and 2015 dollars. Calculate the percentage increase in the median salary of the Yankees from 1989 to 2015 in both nominal terms and in real terms.

Year 1989 Median Salary: New York Yankees $500,000 CPI (1982-1984 = 100) 124 2015 3,300,000 Salaries in major league baseball have soared over the last 30 to 40 years. Some of the salary increase is due to inflation. The table above reports the consumer price index and the median nominal salary of the New York Yankees for 1989 and 2015. Source: USA Today Salaries Database, http://www.usatoday.com/sports/m/b/yankees/salaries/2015/team/all/ 238 Refer to Table 9-20. Calculate the real median salary of the New York Yankees in both 1982-1984 dollars and 2015 dollars. Calculate the percentage increase in the median salary of the Yankees from 1989 to 2015 in both nominal terms and in real terms.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 35P: With in 1 or 2 percentage points, what has the U.S. inflation rate been during the last 20 years?...

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