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You are offered two jobs, one in Chicago paying $70,000 and one in Philadelphia paying $82,000. The price index in Chicago is 120, and in

You are offered two jobs, one in Chicago paying $70,000 and one in Philadelphia paying $82,000. The price index in Chicago is 120, and in Philadelphia it is 150.

a. Convert the Chicago wage in Philadelphia dollars. Answer: The Chicago wage in Philadelphia dollars = $___________

b. Is the real wage in Chicago higher than the real wage in Philadelphia? yes or no

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