Question: The following table tracks the legal nominal minimum wage in New Jersey since 1975 and provides the consumer price index for those same years.

The following table tracks the legal nominal minimum wage in New Jersey since 1975 and provides the consumer price index for those same years. 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2021 $1.50 $3.10 $3.35 $3.80 $5.05 $5.15 $5.15 $7.25 $8.38 $11.00 $12.00 0.538 0.824 1.076 1.307 1.524 1.722 1.953 2.181 2.370 2.588 2.675 Minimum Wage PI (1983=1.00) Real Minimum Wage a. Fill in the final row of the table in year 2021 dollars (5 points). b. Very briefly discuss the 2021 state of New Jersey's real minimum wage compared to its real value in 1975, when your professor was about your age (3 point). c. Point out a year since 1975 that represents the lowest real minimum wage in the chart above and compare its value to the current minimum wage (2 point).

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