2. Real wages, nominal wages, and unexpected changes in the price level real Alyssa currently earns a nmindv wage of $12.00 per hour; in other words, the amount of her paycheck each week is $12.00 per hour times the number of hours she works. Suppose the price of sparkling water is $2.40 per gallon; in this case, Alyssa's \"Izod-Ml V wage, in terms of the amount of sparkling water she can buy with her paycheck, ml: gallons of sparkling water per hour. When workers and rms negotiate compensation packages, they have expectations about the price level (and changes in the price level) and agree on huh V - a 9.5th wage with those expectations in mind. If the price level turns out to be lower than expected, a worker's '1; Lulu-1.1V wage is th-ltri'_ V than both the worker and employer expected when they agreed to the wage. illsller Alyssa and her employer both expected ination to be 4% between 2012 and 2013, so they agreed, in a two-year contract, that she would earn 512.00 per hour in 2012 and $12.48 per hour in 2013. However, suppose inflation between 2012 and 2013 actually turned out to be 2%, not 4%. For example, suppose the price of sparkling water rose from $2.40 per gallon to $2.45 per gallon. This means that between 2012 and 2013, Alyssa's IMG-l huh]: '5", 2'1"!!- nominal wage lam. iv by E, and her real wage imam" by approximately'h 52' [N