Sam Steward is a freelance Web page designer. Listed below are his yearly wages

Question

Sam Steward is a freelance Web page designer. Listed below are his yearly wages for several years between 2007 and 2013. Also included is an industry index for Web page designers that reports the rate of wage inflation in the industry. This index has a base period of 1995. Compute Sam's real income for the selected years during the six-year period. (Round your final answers to 2 decimal places.) Did his wages keep up with inflation, or did he lose ground? (Round your final answers for real wages to the nearest whole dollar and round the final percent value to 2 decimal places.) Sam's real wages decreased from $ in 2007 to $ in 2013 measured in 1995 dollars. This is a decrease in the real wage of % over the six years. The wage did not keep pace with inflation, but was close.

Explanation / Answer

DECREASED FROM $135 IN 2007 TO $133. IN 2013.............

THIS IS DECREASE IN THE REAL WAGE OF 1.48%..............

Year Index(base-1995) Index(base-2007) WAGE real income 2007 160.6 100.00 134.8 134.80 2009 173.6 108.09 145.2 134.33 2011 187.9 117.00 156.6 133.85 2013 203.3 126.59 168.8 133.35

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