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The average nominal incomes earned in Eturia and the CPI are shown in the table below. Nominal income CPI (2002= 100) a. Real income b. Percentage change of real income $ 2018 $22,500 107 $ 2019 $26,100 110 % $ 2020 $28,000 116 % a. Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above.

The average nominal incomes earned in Eturia and the CPI are shown in the table below. Nominal income CPI (2002= 100) a. Real income b. Percentage change of real income $ 2018 $22,500 107 $ 2019 $26,100 110 % $ 2020 $28,000 116 % a. Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above.

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Taking The Nation's Economic Pulse
Section: Chapter Questions
Problem 8CQ
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The average nominal incomes earned in Eturia and the CPI are shown in the table below. Nominal income CPI (2002 = 100) a. Real income b. Percentage change of real income $ < Prev 2018 $22,500 107 10 of 14 $ SAMSUNG 2019 $26,100 110 % a. Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above. $ Next > S 2020 $28,000 116 %
Transcribed Image Text:The average nominal incomes earned in Eturia and the CPI are shown in the table below. Nominal income CPI (2002 = 100) a. Real income b. Percentage change of real income $ < Prev 2018 $22,500 107 10 of 14 $ SAMSUNG 2019 $26,100 110 % a. Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above. $ Next > S 2020 $28,000 116 %
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