A firm agreed to pay its workers $2525 an hour in 2016 and $4141 an hour in 2017. The price level for these years was 241 in 2016 and 245 in 2017. Calculate the real wage rate in each year (to the nearest cent). What is the real wage increase received by these workers in 2017?
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A firm agreed to pay its workers $2525 an hour in 2016 and $4141 an hour in 2017. The price level fo...
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