n 2012 the Barons of Sealand (an independent nation state 12 km from the SE coas
ID: 3240209 • Letter: N
Question
n 2012 the Barons of Sealand (an independent nation state 12 km from the SE coast of England) reduce the wages of all “surfs” (i.e., public employees) by 20%. As a result, surfs had their wage reduced to $20/hour in the following year (i.e., 2013). This wage remained constant (i.e., 20$/hour) from 2013-2015. In 2016, the Barons of Sealand reported record profits from the Pirate-Radio industry, and increased surf wages by 10% over 2014 levels.
a) What was the wage (in $/hour) of Sealand serfs in 2012 (before the cut), and 2016
(after the increase)?
b) The Barons of Sealand, baffled by the anger surfs, argue that they have generously restored half of the previous cuts (because wages were reduced by 20%, but subsequently increased by 10%). The surfs argue that less than half of the 2012 cuts have been restored. Who is correct, the Barons or the Surfs?
Explanation / Answer
a) Wage in 2013 = W2013 = $20/hour,
0.8*W2012 = 20, W2012 = $25/hour
W2014 = $20/hour
W2016 = W2014 + 0.1*W2014 = $20 + 0.1*20 = $22/hour
b) The surfs are right as $5 was reduced in 2012, but only $2 was increased in 2016.
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