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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)
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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
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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)?
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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)?.
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