# Candidate Answers Problem Set 2 - ECON 402 Winter 2016...

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ECON 402 Winter 2016 Candidate Answers Homework #2 1. Washington State currently has (and has had for a while) the highest minimum wage in the nation. I would like for you to investigate how this wage has changed over time, in real terms. Tabulate and/or graph the nominal AND real minimum wages for Washington, as far back as you are able to go. CPI-U is easily found from the BLS or on FRED. If you want just data for the West, you can look at the series CUUR0400SA0, which is “Consumer Price Index for All Urban Consumers: All items in West urban”. That series only goes to 12/1966, however. Effective date Minimum wage per hour CPI Real wage (\$2015) 6/30/1961 \$1.15 1/1/1962 \$1.25 1/1/1968 \$1.60 34.7 \$11.21 1/1/1974 \$1.80 48.175 \$9.08 9/1/1975 \$2.00 52.975 \$9.17 1/1/1976 \$2.30 56.05 \$9.97 1/1/1989 \$3.85 124.6 \$7.51 1/1/1990 \$4.25 131.45 \$7.86 1/1/1994 \$4.90 149.625 \$7.96 1/1/1997 \$5.15 161.4 \$7.75 1/1/1999 \$5.70 168.858 \$8.20 1/1/2000 \$6.50 174.808 \$9.04 1/1/2001 \$6.72 181.183 \$9.01 1/1/2002 \$6.90 184.733 \$9.08 1/1/2003 \$7.01 188.567 \$9.03 1/1/2004 \$7.16 192.95 \$9.02 1/1/2005 \$7.35 198.883 \$8.98 1/1/2006 \$7.63 205.7 \$9.01 1/1/2007 \$7.93 212.23 \$9.08 1/1/2008 \$8.07 219.646 \$8.93 1/1/2009 \$8.55 218.822 \$9.50 1/1/2010 \$8.55 221.203 \$9.39 1/1/2011 \$8.67 227.485 \$9.26 1/1/2012 \$9.04 232.376 \$9.45 1/1/2013 \$9.19 235.824 \$9.47

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• Spring '14
• Wassell
• Macroeconomics, per capita, National accounts, Consumer price index

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