Economics for Decision Making - Question 1
a) Average wage rate in the year 1975=$6.50
Average wage rate in the year 2002=$17
Consumer Price Index in 1975=42
Consumer Price Index in 2002=100 because it is the base year as per the question.
i) The rate of inflation between 1975 and 2002= (Consumer Price Index 2002- Consumer Price Index 1975)/ Consumer Price Index in 1975
= (100-42)/42
=138.10%
ii) Average hourly wage from t…
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