The Trade Union Association of Orlando, Florida, maintains indexes on the hourly wages for a number of the trades. Unfortunately, the indexes do not all have the same base periods. Listed below is information on plumbers and electricians. Shift the base periods to 2000 and compare the hourly wage increases for the period from 2000to 2009.
Year | Plumbers (1995 = 100) | Electricians (1998 = 100) |
2000 | 133.8 | 126.0 |
2009 | 159.4 | 158.7 |
The information on plumbers and electricians are given. Shift the base period to 2000 and compare the hourly wage increases for the period from 2000 to 2016.
The real income is computed using the following formula.
The required calculations are done in Excel.
The above table compares the hourly wage increases for the period from 2000 to 2016.