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2 June, 00:45

If the nominal wages of carpenters rose by 5 percent in 2000 and the price level increased by 3 percent, than the real wages of carpenters?

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  1. 2 June, 03:49
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    Carpenter wages = 103

    Explanation:

    The current price is : 2000

    The wages of the carpenter in 2000 is 5%:

    5/100 * 2000 = 100

    But the price was increased from 2000 by 3%

    2000 + (2000 * 3/100)

    = 2000 + (20 * 3)

    = 2000 + 60

    = 2060

    Now 5% in 2060 is:

    = 5/100 * 2060

    = 0.5 * 206

    = 103

    The new carpenter wages is 103.
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