link for CPIhttps://fred.stlouisfed.org/series/CPIAUCSL

LINK Nominal wages for https://fred.stlouisfed.org/series/AHETPI

link for pce https://fred.stlouisfed.org/series/PCEPI

hw1304fa||2021 POST 0'1 data!) Use the following three links to answer the following questions: For Nominal Wages (W) Price index CPI (B) PCE price index (this is the one the Fed targets!) Please show all work throughout this assignment or points will be taken off with no work shown, you get zero points! a) (10 points) Most of you are somewhere around 20 years of age. Using the CPI (Consumer Price Index), compare the real wage back in July of 2001 to the real wage in July of 2021 (20 years later). That is, calculate the real wage in July of 2001 and then in July of 2021 and calculate the % change in the real wage during this time. Show all work or points will be taken off. The less rounding the better but take the real wage to 2 decimal places. b) (10 points) Most of you are somewhere around 20 years of age. Using the PCB price index, compare the real wage back in July of 2001 to the real wage in July of 2021 (20 years later). That is, calculate the real wage in July of 2001 and then in July of 2021 and calculate the % change in the real wage during this time. Show all work or points will be taken off. The less rounding the better but take the real wage to 2 decimal places. 0) (5 points) Why is the percent change in the real wage so different in part a) relative to part b)? To answer this question, calculate the percent change of the CPI over this 20 year period and compare to the percent change in the PCB price index over the same 20 year period. d) (5 points) Why are the actual real wages, the ones you calculated, so different in part a) vs. part b)? e) (5 points) Using the PCB price index, compare the percent change in real wage between April 2019 to April 2020 and compare to the percent change in the real wage between July 2020 and July 2021 (the most recent available data). 1) (5 points) So a friend, a non econ friend, looks at your answers in 6) above and asks you: Why are your answers so different? How would you answer your friend (act like you are an economist!)? a Law u