Consider the values of the cpi (multiplied by 100) for each year from 2000 to 2010 in the table below. A report found that the real entry-level wage for college graduates declined by 5 percent between 2003 and 2010. The nominal entry-level wage in 2010 was $14. 35 per hour.

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andreasolis8259 andreasolis8259

01-03-2022
SAT

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Consider the values of the cpi (multiplied by 100) for each year from 2000 to 2010 in the table below. A report found that the real entry-level wage for college graduates declined by 5 percent between 2003 and 2010. The nominal entry-level wage in 2010 was $14. 35 per hour.

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azikennamdi azikennamdi · Answer 1 · 2022-03-10T13:21:50+01:00

The table related to the question was not provided hence the general answer. The question is related to the calculation of real wages, or in this case, real -entry-level wage.

What is the formula for Real Wage?

Real Entry-Level wages and Nominal entry Wages, the following formulas must be used:

Real Wage =(Nominal Wage Rate / CPI) x 100

Nominal Wage = the amount stated as wage earned on the hour/day/week or month.

Real Wage is a Nominal wage that has been adjusted for inflation. Please note that CPI (Consumer Price Index) is an indicator of inflation.

Learn more about Real Wages at:

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