Year Income CPI 2012 62,464 226.7 2013 2015 65,692 66,899 70,500 230.3 233.9 233.7 2014 2016 72,904 236.9 Answer of the following questions using the data in the table above (Show the analysis): a) Provide the adjusted median incomes (convert to 2016 dollars) b) Calculate the mean of the nominal incomes c) Calculate the mean of the adjusted incomes d) Explain the importance of adjusting values for inflation (2-5 sentences)

Year Income CPI 2012 62,464 226.7 2013 2015 65,692 66,899 70,500 230.3 233.9 233.7 2014 2016 72,904 236.9 Answer of the following questions using the data in the table above (Show the analysis): a) Provide the adjusted median incomes (convert to 2016 dollars) b) Calculate the mean of the nominal incomes c) Calculate the mean of the adjusted incomes d) Explain the importance of adjusting values for inflation (2-5 sentences)

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter1: Introducing The Economic Way Of Thinking

Section1.A: Applying Graphics To Economics

Problem 1SQ

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