Registered nurses in 2007 made an average hourly wage of $30.04. In 2017, their hourly wage had

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Registered nurses in 2007 made an average hourly wage of $30.04. In 2017, their hourly wage had risen to $35.36. Given that the CPI for 2007 was 207.3 and the 2017 CPI was 245.1, answer the following.

a. Give the real wages for registered nurses for 2007 and 2017 by deflating the hourly wage rates.

b. What is the percentage change in the nominal hourly wage for registered nurses from 2007 to 2017?

c. For registered nurses, what was the percentage change in real wages from 2007 to 2017?

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Statistics For Business & Economics

ISBN: 9781337901062

14th Edition

Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

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Question Posted: Sep 18, 2019 12:50 PM

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Registered nurses in 2007 made an average hourly wage of $30.04. In 2017, their hourly wage had

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a Deflated 2007 wages ...View the full answer

Statistics For Business & Economics

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