CA Foundation Exam > CA Foundation Questions > consumer price index number for the year 1957...
Start Learning for Free
consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is
? Related: Unit I: Index Numbers (Part - 1)
Most Upvoted Answer
consumer price index number for the year 1957 was 313 with 1940 as the...
Introduction:
In this question, we are given the consumer price index number for the year 1957 and the average monthly wages of workers in a factory. We are asked to calculate their real wages.
Calculation of Real Wages:
To calculate real wages, we need to adjust the nominal wages for inflation. This can be done using the following formula:
Real Wages = Nominal Wages / CPI * 100
Here, CPI refers to the consumer price index number.
Using this formula, we can calculate the real wages of the workers in the factory as follows:
Real Wages = 160 / 313 * 100 = 51.1
Therefore, the real wages of the workers in the factory in 1957 were 51.1.
Conclusion:
In conclusion, we have learned how to calculate real wages using the consumer price index number and the nominal wages. This is an important concept in economics as it helps us to understand the impact of inflation on the purchasing power of individuals.
In this question, we are given the consumer price index number for the year 1957 and the average monthly wages of workers in a factory. We are asked to calculate their real wages.
Calculation of Real Wages:
To calculate real wages, we need to adjust the nominal wages for inflation. This can be done using the following formula:
Real Wages = Nominal Wages / CPI * 100
Here, CPI refers to the consumer price index number.
Using this formula, we can calculate the real wages of the workers in the factory as follows:
Real Wages = 160 / 313 * 100 = 51.1
Therefore, the real wages of the workers in the factory in 1957 were 51.1.
Conclusion:
In conclusion, we have learned how to calculate real wages using the consumer price index number and the nominal wages. This is an important concept in economics as it helps us to understand the impact of inflation on the purchasing power of individuals.
Community Answer
consumer price index number for the year 1957 was 313 with 1940 as the...
51.12
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)?
Question Description
consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)?.
consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)?.
Solutions for consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)? defined & explained in the simplest way possible. Besides giving the explanation of
consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)?, a detailed solution for consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)? has been provided alongside types of consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)? theory, EduRev gives you an
ample number of questions to practice consumer price index number for the year 1957 was 313 with 1940 as the base year 96 the average monthly wages in 1957 of the workers into factory be 160 their real wages is Related: Unit I: Index Numbers (Part - 1)? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup