Homework SourseA report found that the real entrylevel wage for college gra
A report found that the real entry-level wage for college graduates declined by 8 percent between 2003 and 2010.
Enter your responses rounded to two decimal places. Based on the information above: a. The 2010 real entry-level wage is $ . b. The 2003 real entry-level wage is $ . c. The 2003 nominal entry-level wage is $ .
2010 Nominal Entry-Level Wage 2010 CPI 2003 CPI $14.45 182.2 154.5Solution
a. The 2010 real entry-level wage is $ [(14.45*100)/182.2] = $7.93
b. The 2003 real entry-level wage is $ [(7.93*100)/(100-8)] = $8.62
c. The 2003 nominal entry-level wage is $ [(154.5*8.62)/100] = $13.32
