Economics 13th Edition by James Gwartney, Richard Stroup, Russell Sobel, David Macpherson

Exercise 8

In 1982, the average hourly earnings of private nonagricultural production workers were $7.87 per hour. By 2012, the average hourly earnings had risen to $19.77. In 2012, the CPI was 229.6, compared with 96.5 in 1982. What were the real earnings of private nonagricultural production workers in 2012 measured in 1982 dollars?