xplain in detail what this m in terms of the changes in the real wage and purchasing power of the income ,

Brief Principles of Macroeconomics (MindTap Course List)
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Chapter6: Measuring The Cost Of Living
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2. Average hourly earnings of all employees increased from $ 29.93 per hour to $ 31.40 per hour in the United States in the year 2021. The CPI at the beginning of 2021 was 262.20 and Increased to 280.13 by the end of 2021 in the United States The average wage increased nearly $ 1.50 per hour or an average of $ 3000 increase in annual pay . Explain in detail what this m in terms of the changes in the real wage and purchasing power of the income ,

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