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Find the nominal values of wage rates across two time periods and convert these nominal values to real values. Show and explain how the real
Find the nominal values of wage rates across two time periods and convert these nominal values to real values. Show and explain how the real values change/difference compares to that of the nominal values. Keep in mind that you can convert any nominal value to its base period (1982-1984) equivalent by dividing the nominal value by the CPI for the respective period and then multiplying the quotient by 100. Do this for each period and then compare those real values. Use this webpage (hawkes.biz/BLSDataViewer) to locate historical CPI values.
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