General electric paid its line workers 12 per hour last, Ask an Expert

Economics

General Electric paid its line workers $12 per hour last year when the Consumer Price Index was 100. Suppose over the past year that deflation occurred and the aggregate price level fell to 90. Instructions: Round your answers to two decimal places.

a. GE must pay its workers $ ? this year in order to keep the real wage fixed at $12.

b. GE must pay its workers $ ? this year if it wants to increase the real wage by 12 percent.

c. If GE keeps the wage fixed at $12 per hour, in real terms, its workers get a ? % increase in wages.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91720474

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