Calculate the current real minimum wage in 1990 dollars

Assignment Help Microeconomics
Reference no: EM13321445

At the time this book went to print, the minimum wage was $5.85. To find the current value of the CPI, go to Click on Consumer Price Index-All Urban Consumers (Current Series) and select U.S. All items. This will give you the CPI from 1913 to the present.

a. With these values, calculate the current real minimum wage in 1990dollars.

b. Stated in real 1990 dollars, what is the percentage change in the real minimum wage from 1985to the present?

Reference no: EM13321445

Questions Cloud

Make clear the direction of the change in both price : Use supply and demand curve shifts to illustrate the effect of the following events on the market for apples. Make clear the direction of the change in both price and quantity sold
Suppose the government regulates the prices of beef and : Suppose the government regulates the prices of beef and chicken and sets them below their market clearing levels. Explain why shortages of these goods will develop and what factors will determine the sizes of the shortages. What will happen to the pr..
Elm city market elm city market : At a minimum, each student will be expected to post an original and thoughtful response to the DB question and contribute to the weekly dialogue by responding to at least two other posts from students.
Explain the difference between shift in the supply curve : If a 3-percent increase in the price of corn flakes causes a 6-percent decline in the quantity demanded, what is the elasticity of demand?
Calculate the current real minimum wage in 1990 dollars : At the time this book went to print, the minimum wage was $5.85. To find the current value of the CPI, go to Click on Consumer Price Index-All Urban Consumers (Current Series) and select U.S. All items. This will give you the CPI from 1913 to the pre..
The market for fast food is a national market : Fast-food chains like McDonald"s, Burger King, and Wendy"s operate all over the United States. Therefore, the market for fast food is a national market.
Analysis of coca-cola : Please read my earlier comment on critiquing the BCG. The BCG is a given component; the critique must be between your chosen matrix and another learner's chosen different matrix.Read one of the learner’s post and critique their choice of matrix( diff..
What happened to the real price of telephone service : Suppose that the Japanese yen rises against the U.S. dollar-that is, it will take more dollars to buy a given amount of Japanese yen. Explain why this increase simultaneously increases the real price of Japanese cars for U.S. consumers and lowers the..
Explain the intoxicant in alcoholic beverages : Ethanol (C2H6O), the intoxicant in alcoholic beverages, is also used as a precursor of many other organic compounds. In acid solution, ethanol forms diethyl ether (C4H10O)

Reviews

Write a Review

Microeconomics Questions & Answers

  Describe how can we save social security

For this week, we are continuing our discussion on GDP and economic growth. We will realize that most of government spending goes towards welfare such as social security. However, it is a common belief that social security benefits

  What was the actual (ex post) real return

What was the actual (ex post) real return?

  Write out the payoff matrix

If boyh bid the same amount, the $100 is split evenly between them. assume that eac of them has only two $1 bills on hand, leaving three possible bids: $0, $1,or$2 Write out the payoff matrix for this game and then find it's Nash equilibrum

  Consider the six reform proposals suggested by the authors

Consider the six reform proposals suggested by the authors at the end of this feature. Indicate why you believe each is either a good or a bad idea

  Computing marginal cost of production

Construct a table showing the marginal cost of production. What is the minimum price necessary for the company to supply ten thousand copies? How many copies would the company supply at industry prices of $5,500 and $7,000 per ten thousand?

  Why everyone pay the same price for a medium sized popcorn

Movie theaters charge a variety of admission prices: one for matinees, another for evening showings; one for students, and another for adults, another for golden agers. Children under 12 often are admitted for a zero money price. Why don't theater..

  Structure of us automotive industry

The existence of only three big U.S. auto manufacturers is evidence that the market structure is anti-competitive and that antitrust laws are being broken. Measure this assertion.

  What happens to price and quantity if workers wages rise

A profit maximizing monopolist is earning a postive economic profit. If workers wages rise, what happens to price and quantity ?(assume that the monopolist is still earning a positive profit after the wage increase). Is the monopolist better or wo..

  Evaluate the second partners advice not to move downtown

One of the partners favors moving downtown because she believes the additional business gained by moving downtown will exceed the higher rent at the downtown location plus the cost of making the move.

  Determining elasticity of demand-aztec enterprises

Aztec Enterprises depends heavily on advertising to sell its products. Management at Aztec is allowed to spend $2 million monthly on advertising, but no more than this amount.

  Determine the average nominal income

If the CPI equaled 1.30 in 1990, 1.69 in 2000, and the nominal income of agricultural workers was $35,000 in 2000, what was the average nominal income of agricultural workers in 1990?

  Relationships between the economic concern

As an worker of World Bank, you have been tasked to research one economic concern in an Asian nation and write a report on your findings.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd