Question: fUsing the following notation: wR = real average hourlv earnings, gwk = 5'6 change in W]; w = average hourly earnings, 9; = 55 change

$\fUsing the following notation: wR = real average hourlv earnings, gwk$ $= 5'6 change in W]; w = average hourly earnings, 9\"; =$ 55 change in w P = CPLgP = 96 change in P H = average workweek, 9H = 96 change in H 3. Express

the level of the real average hourly earnings as a function of

the nominal average earnings and the CPI. b. Express the change in

\fUsing the following notation: wR = real average hourlv earnings, gwk = 5'6 change in W]; w = average hourly earnings, 9\"; = 55 change in w P = CPLgP = 96 change in P H = average workweek, 9H = 96 change in H 3. Express the level of the real average hourly earnings as a function of the nominal average earnings and the CPI. b. Express the change in the real average hourly earnings as a function of changes in the nominal average earnings and the CPI. Show how the calculation would work for the numbers from the BLS news release. Express the level of the real average weekly earnings as a function of the real average hourly earnings and the average workweek. Express the change in the real average hourly earnings as a function of changes in the real average hourly earnings and the average workweek. Show how the calculation would work for the numbers from the BLS news release. Short Answer 23. Below is a portion of the latest BlS release on ination. It mentions the monthly change in the reol' average hourly eominlgs and the reel average weekly earnings in September. It relates them to changes in nominal earnings, the CPI and the average wormeek. This question asks yOu to express these as equations using some simple growth rate relationships we have learned. (2 points each

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