Business, 05.02.2021 22:00 ralphy34

Susan's paycheck each week is $10 per hour times the number of hours she works. Susan thus currently earns a wage of $10 per hour. Suppose the price of orange juice is $2.50 per gallon. The amount of orange juice she can buy with her paycheck is of orange juice, which represents her wage. When workers and firms negotiate compensation packages, they have expectations about the price level (and changes in the price level) and agree on a wage with those expectations in mind. If the price level turns out to be higher than expected, a worker's wage is than both the worker and employer expected when they agreed to the wage. Suppose that Susan and her employer both expected inflation to be 4% between 2010 and 2011. They signed a two-year contract stipulating that Susan would earn $10 per hour in 2010 and $10.40 per hour in 2011. However, actual inflation between 2010 and 2011 turned out to be 5% rather than the expected 4%. For example, suppose the price of orange juice rose from $2.50 per gallon to $2.63 per gallon. This means that between 2010 and 2011, Susan's nominal wage by , and her real wage by approximately .

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Susan's paycheck each week is $10 per hour times the number of hours she works. Susan thus currently...

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