AP Macroeconomics- Real vs. Nominal Wages
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- Опубліковано 27 сер 2024
- In order to figure out how "rich" a person is, we have to compare their wage to the amount that wage can buy. $1,000,000 may seem like a lot of money, but if milk costs $10,000,000, it doesn't seem so large.
Chef's kiss to this video, thank you
Love the video! The outfit makes is more interesting to watch as well lol
thank you sir. im studying for a test tmrw and i wanna cry! but this helped a bit so thank you! :)!!!!!
its only been a minute and i understand already wow u should be a teacher buddy
Thanks for explaining this, it really helped me a lot.
thank you buddy .explaination was very helpful
I don't think we have enough information to determine this especially since to figure out the real wage you need to compare your wage to the price level.
Assuming that the monthly salary for a platinum miner is 12 500, how do I calculate the nominal wage and calculate the real wage? monthly salary is the only information given
At the end how did the real wage go down?? The real wage has increased by 10percent then why did you showed it decreasing??
+Tushar B.kumar Careful. The price level (the groceries) have gone up 10%. The nominal wage increased by 5%. So, I'm paying more for my groceries, but my pay check hasn't been able to keep pace with my grocery bill. I feel poorer, which is a sign that my real wage has decreased. Hope that helps!