1303afe

• Internal Code :
• Subject Code : 1303AFE
• University : Griffith University My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name: Economics

Economics for Decision Making - Question 1 a) Average wage rate in the year 1975=$6.50 Average wage rate in the year 2002=$17 Consumer Price Index in 1975=42 Consumer Price Index in 2002=100 because it is the base year as per the question. i) The rate of inflation between 1975 and 2002= (Consumer Price Index 2002- Consumer Price Index 1975)/ Consumer Price Index in 1975 = (100-42)/42 =138.10% ii) Average hourly wage from t…