Worksheet 2

# Worksheet 2 - Name Worksheet 2 Due Wednesday February 1...

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Unformatted text preview: Name: Worksheet 2 Due Wednesday February 1, 2011 Show all computations. Write neatly. Staple your work. 1. Consider the following table. Table 1: Minimum Wages in California and Their Effective Dates Effective Date Minimum Wage Mar. 1, 1998 \$ 5.75 Jan. 1, 2001 \$ 6.25 Jan. 1, 2002 \$ 6.75 Jan. 1, 2007 \$ 7.50 Jan. 1, 2008 \$ 8.00 (a) Write the formula for an index number. index number = (b) Using the minimum wage with effective date Jan. 1, 2001 as the reference value, compute the minimum wage indices for each minimum wage in the table: Effective Date Minimum Wage Index (Jan. 1, 2001 = 100) Mar. 1, 1998 \$5.75 92 Jan. 1, 2001 \$ 6.25 100 Jan. 1, 2002 \$ 6.75 Jan. 1, 2007 \$ 7.50 Jan. 1, 2008 \$ 8.00 128 2 (c) Use the index numbers for Mar. 1, 1998 and Jan. 1, 2008 to compare the minimum wages from those dates. Summarize your findings by completing the sentence below. Note: you must use the index numbers for this computation, so be sure your solution shows how you used them ....
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## This note was uploaded on 01/08/2012 for the course MGF 1107 taught by Professor Staff during the Spring '08 term at University of Florida.

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Worksheet 2 - Name Worksheet 2 Due Wednesday February 1...

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