A firm says it cut its labor costs by 35 percent between 2014 and 2019. Workers were paid a wage rate, including benefits, of $80 an hour in 2014 and $58 an hour in 2019. If the CPI was 202 in 2014 and 218 in 2019, did the real wage rate fall by more or less than 35 percent?

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21-10-2021
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A firm says it cut its labor costs by 35 percent between 2014 and 2019. Workers were paid a wage rate, including benefits, of $80 an hour in 2014 and $58 an hour in 2019. If the CPI was 202 in 2014 and 218 in 2019, did the real wage rate fall by more or less than 35 percent?

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2021-10-25T12:10:45+02:00

If the workers were paid a wage rate, including benefits, of $80 an hour in 2014 and $58 an hour in 2019. If the CPI was 202 in 2014 and 218 in 2019, did the real wage rate fall by more or less than 35 percent?

Between year 2014 and year 2019, the real wage rate fell by less than 35 percent.

Calculation for the real wage rate in 2014

Using this formula

2014 Real wages=2014 Wage rate/2014 CPI×100

Let plug in the formula

2014 Real wages=$80/202×100

2014 Real wages=39.60%

Calculation for the real wage rate in 2019

Using this formula

2019 Real wages=2019 Wage rate/2019 CPI×100

Let plug in the formula

2019 Real wages=$58/218×100

2019 Real wages=26.61%

Based on the above calculations between year 2014 and year 2019, the real wage rate fell by less than 35 percent.

Inconclusion if the workers were paid a wage rate, including benefits, of $80 an hour in 2014 and $58 an hour in 2019. If the CPI was 202 in 2014 and 218 in 2019, did the real wage rate fall by more or less than 35 percent?

Between year 2014 and year 2019, the real wage rate fell by less than 35 percent.

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A firm says it cut its labor costs by 35 percent between 2014 and 2019. Workers were paid a wage​ rate, including​ benefits, of​ $80 an hour in 2014 and​ $58 an hour in 2019. If the CPI was 202 in 2014 and 218 in​ 2019, did the real wage rate fall by more or less than 35​ percent?

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A firm says it cut its labor costs by 35 percent between 2014 and 2019. Workers were paid a wage rate, including benefits, of $80 an hour in 2014 and $58 an hour in 2019. If the CPI was 202 in 2014 and 218 in 2019, did the real wage rate fall by more or less than 35 percent?