YER... 2012 2015 2017 JOHN\'S NOMINAL WAGE....$ 10.00 $15.00 $24.00 150 200 1) W
ID: 1128811 • Letter: Y
Question
YER... 2012 2015 2017 JOHN'S NOMINAL WAGE....$ 10.00 $15.00 $24.00 150 200 1) What is John's real wage in: 2012 2 2) What is John's real wage in: 2015 2 3) What is John's real wage in: 2017 2 4) What is the percent change in John 's NOMINAL wage from 2012 to 201723 5) What is the rate of inflation from 2012 to 2017 2 For questions (6)-11) give short answers-about 2 to 3 sentences: 6)Name one factor that has caused a shift in the demand curve for American automobile workers 30 years ago and explain which way this has caused the demand curve to shift (increase or decrease) 7)Name one thing that has changed, in the American economy over the past 75 years, that has caused a shift in the demand for low skill workers. Explain which way the demand curve has shifted (increase or decrease)Explanation / Answer
Answer
Q1
real wage in 2012
=$10
the real wage for CPI 100 is same as nominal wage, normally its base year
Q2
real wage in 2015=(wage in 2015/CPI in 2015)*100
=(15/150)*100
=$10
Q3
real wage in 2017 is
=(24/200)*100
=$12
Q4
%change in wage=(wage in 2017-wage in 2012)/wage in 2012
=(24-10)/10
=1.4
=140%
the change is 140%
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