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Computing the real income

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Reference no: EM133202713

The table below lists hypothetical CPI and wage values for the United States from different decades.

a. Complete the table by computing the real income for each year shown in the table.

Instructions: Round your answers to two decimal places.

Nominal and Real Income

Year

Average Nominal Wage (dollars)

CPI

Average Real Wage (dollars)

1967

$7,127

33.7

$

1977

13,688

61

 

1987

26,289

114.5

 

1997

37,512

161.9

 

2007

50,046

208.9

 

2013

52,741

234.9

 

Instructions: Enter the year using all four numbers (yyyy).

b. Of the years listed above, the paycheck of the average worker was highest in.

c. Of the years listed above, the purchasing power of the average worker was highest in.

Reference no: EM133202713

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