Suppose in 2006 workers in a certain type of profession made an average hourly wage of $31.23. Suppose in 2016, their ho

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Suppose In 2006 Workers In A Certain Type Of Profession Made An Average Hourly Wage Of 31 23 Suppose In 2016 Their Ho 1 (22.75 KiB) Viewed 12 times

Suppose in 2006 workers in a certain type of profession made an average hourly wage of $31.23. Suppose in 2016, their hourly wage had risen to $36.82. Given that the CPI for 2006 was 201.6 and the 2016 CPI was 240.0, answer the following. (a) Give the real wages (in $) for these workers for 2006 and 2016 by deflating the hourly wage rates. (Round your answers to the nearest cent.) 2006 $ 2016 $ (b) What is the percentage change in the nominal hourly wage for these workers from 2006 to 2016? (Round your answer to one decimal place.) % (c) For these workers, what was the percentage change in real wages from 2006 to 2016? (Round your answer to one decimal place.) %