Julie received a 10% wage increase while consumer prices rose by 3%. how much did julie's real wage increase in nominal and real terms?

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asked May 23, 2018 60.4k views

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Gbanfill · Answer 1 · 2018-05-27T08:00:57+0000

Julieâ€™s nominal wage increase is 10% whereas her real wage increase in only 7% because 3% of her wage increase is negated by the increase in the cost of goods and services reflected by the 3% increase in the CPI.

Julie received a 10% wage increase while consumer prices rose by 3%. how much did julie's real wage increase in nominal and real terms?

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