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Your annual income for the year 2019 was $65,000. Compute your real income for 2019 relative to the base year of 2002 if the Consumer
Your annual income for the year 2019 was $65,000. Compute your real income for 2019 relative to the base year of 2002 if the Consumer Price Index for 2019 is 135.98 b) If you were making $50,000 in 2002, would you say that your income has kept up with the inflation? i. What's the difference? That is, how much should be making to keep at pace with the inflation? c) Without carrying out any calculations, how would you compare the above with someone who is making $75,000 in 2019
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