Daphne has received job offers in six different cities across the United States. The table below shows
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Question:
Daphne has received job offers in six different cities across the United States. The table below shows the nominal wage she is being offered in each city and the average monthly rent for an apartment in each city.
Instructions: Round your answers to whole numbers.
Daphne’s Nominal and Real Wages | |||
City | Nominal Salary (dollars) | Monthly Rent (dollars) | Real Wage (months of rent) |
Atlanta | $50,000 | $1,200 | |
Austin | 50,500 | 1,368 | |
Chicago | 65,000 | 1,920 | |
Lincoln | 45,000 | 840 | |
Madison | 48,000 | 1,164 | |
New York | 95,000 | 3,204 |
a. Calculate Daphne’s real wage in terms of how many months of rent her wage could purchase in each city and complete the “Real Wage” column in the table above with this information.
Related Book For
Accounting Information Systems basic concepts and current issues
ISBN: 978-0078025334
3rd edition
Authors: Robert Hurt
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