One of the biggest decisions most of us have to make is which industry to look for work. whether pay is rising or falling. The following table gives the annual average pay in five major industries for 2007 and 2017 (the figures include the pay of all workers, including top managers).
able[[Average Annual Wages and Salaries (Dollars)*],[Industry,2007, able[[2017]],% Change (,(a),Real % Change (b)],[Manufacturers,55,239,69,437,,,],[Retail trade,30,695,36,891,,,],[Finance and insurance,88,771,109,600,,,],[Computer systems design and programming,93,843,119,263,,,],[Hospitals,52,006,66,994,,,]]
teper full-time worker.
Source: Bureau of Economic Analysis.
Instructions: Use the table above to enter your responses to part a & b. Enter your responses rounded to two decimal places and include a negative sign (-) where appropriate.
a) Calculate the percentage increase in pay for each industry from 2007 to 2017 . Complete the percentage change column in the table above.
b) What was the real percentage increase in pay for each industry from 2007 to 2017 , using the rule of thumb that the real percentage increase is roughly the nominal percentage increase minus the inflation rate? (The CPI in 2007 was 207.3, and the CPI in 2017 was 245.1). Complete the real percentage change columns in the table above.
c) Which, industry had the biggest increase in real wages?
Manufacturing
Retail trade
Finance and insurance
Computer system design and programming
Hospitals
One of the biggest decisions most of us have to make is which industry to look tor work.Compensat whether pay is rising or falling. The following table gives the annual average pay in five major industries for 2007 and 2017 (the figures include the pay of all workers, including top managers). Average Annual Wages and Salaries (Dollars)* 2017 %Changea) Real % Change (b) Industry 2007 Manufacturers 55,239 69,437 Retail trade 30,695 36,891 Finance and insurance 88,771 109,600 Computer systems design and programming 93,843 119,263 Hospitals 52,006 66,994 Per full-time worker. Source:Bureau of Economic Analysis. Instructions: Use the table above to enter your responses to part a & b. Enter your responses rounded to two decimal places and include a negative sign-)where appropriate
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int
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a Calculate the percentage increase in pay for each industry from 2007 to 2017.Complete the percentage change column in the table above.
b)What was the real percentage increase in pay for each industry from 2007 to 2017,using the rule of thumb that the real percentage increase is roughly the nominal percentage increase minus the inflation rate?(The CPI in 2007 was 207.3,and the CPI in 2017 was 245.1.Complete the real percentage change columns in the table above.
c) Which, industry had the biggest increase in real wages?
O Manufacturing O Retail trade O Finance and insurance O Computer system design and programming O Hospitals
