Question: on 7 Table 5.20 t Nominal CPI red Year Minimum Wage (2002 = 100) ed out of 1981 $3.50 49.5 2015 11.00 126.6 tion Refer

on 7 Table 5.20 t Nominal CPI red Year Minimum Wage

on 7 Table 5.20 t Nominal CPI red Year Minimum Wage (2002 = 100) ed out of 1981 $3.50 49.5 2015 11.00 126.6 tion Refer to Table 5.20. The table above lists the actual minimum wage and CPI in 1981 and in 2015. Using the above table, calculate the real minimum wage for 1981 and 2015. Calculate the rate of growth of the real minimum wage from 1981 to 2015. Are workers better off in terms of the purchasing power of a dollar in 1981 or 2015? Explain why

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