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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

If the CPI is 150 and nominal income is $100,000, what does real income equal?

To determine

The real income.

Explanation

It is given that the CPI is 150 and the nominal income is $100,000.

The real income is calculated by substituting the respective values in Equation (1) as follows:

Real income=(Nominal incomeCPI)×100 (1)

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