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Using the following table, answer the questions below (2.5 marks) Provide answers for 2 decimals. Nominal Average CPI Year Hourly Earnings, $ (1990 = base

Using the following table, answer the questions below (2.5 marks) Provide answers for 2 decimals. Nominal Average CPI Year Hourly Earnings, $ (1990 = base year) 1990 10.00 100 2019 15.50 114 2020 16.00 120 a) Calculate the rate of inflation between 2019 to 2020. (0.5 marks) b) Calculate real average hourly earnings for 2019. (0.5 marks) c) Calculate real average hourly earnings for 2020. (0.5 marks) d) Calculate the wages earned in 1990 in 2020 dollars. (0.5 marks) e) Are the workers in this economy better-off or worse-off in 2020 compared to 2019? Why? (0.5 marks)

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