On average, did real wages rise, fall, or stay the same during the period between January 2000 and June 2021? Explain your answer, referencing the relevant information in the graph. [HINT: How does the increase in average hourly wages compare to the overall inflation of 60.1% over this 21.5- year period?] b. According to the graph, TV's declined in price about 95% (() over this period. But the prices customers actually paid for typical TVs in nominal terms remained in the hundreds or even thousands of dollars in 2021, similar to the nominal prices of typical TVs sold in 2000, What adjustment does CPI make that explains the 95% reduction in price displayed on the graph? What is the purpose of making this adjustment? c. Consider these two consumers and answer the question that follows. Xiaoxi buys: housing, food and beverages, clothing, college tuition, college textbooks, and cellphone service Yasmin buys: housing, food and beverages, clothing, household furnishings, childcare, and toys Has Xiaoxi personally experienced more inflation over the last two decades, or has Yasmin? Why? If it cannot be determined using the information given, why not? What other information would we need? Price Changes: January 2000 to June 2021 Selected US Consumer Goods and Services, Wages 200% Hospital Services MORE EXPENSIVE College Tuition and Fees 160% College Textbooks 120% - Medical Care Services Childcare and Nursery School Average Hourly Wages 80% Housing Overall Inflation (60.1) Food and Beverages 40% New Cars 0% Household Furnishings Clothing -40% -Cellphone Services MORE AFFORDABLE Computer Software -80% Toys - TVs 2000 2010 2020