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The data below gives the weekly wages of Australian workers Adult male weekly wage in May 1534.8 1603.1 1648.2 1674.8 1594.5 1725.8 1769.8 1811.9 1889.7
The data below gives the weekly wages of Australian workers Adult male weekly wage in May 1534.8 1603.1 1648.2 1674.8 1594.5 1725.8 1769.8 1811.9 1889.7 2021 1919.5 117.9 Source: Australian Bureau of Statistics Enter the above table in cells A1 to C11 of a new worksheet in your workbook. (a) The consumer price index given above is a price index with a base of 2012 = 100. Briefly explain what the cpi index of 117.9 in 2021 tells us. (b) Use Microsoft Excel to create a wage index for adult males with a base of 2012 =100 (c) Use Microsoft Excel to produce a scatter graph showing your wage index and the cpi index on the same graph. (d) Briefly comment on what this scatter graph tells you. (e) Use the Microsoft Excel rate function to calculate the average annual rate of growth for adult male wages from 2012 to 2021. Give your answer as a percent per year to one decimal place. Record annual growth in cell 814
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