Construct the Index of Average Weekly Earnings of Australian Male

question 10

Essay

Construct the index of average weekly earnings of Australian male employees for the period
1990-1998, using the data in the following table. Use 1990 as the base year. Average weekly earnings of Australian
male employees, 1990-98
$\begin{array}{|l|c|}\hline \text { Year } & \text { Average earnings (\$) } \\\hline 1990 & 542.30 \\\hline 1991 & 574.10 \\\hline 1992 & 590.35 \\\hline 1993 & 605.23 \\\hline 1994 & 621.95 \\\hline 1995 & 645.10 \\\hline 1996 & 664.28 \\\hline 1997 & 682.35 \\\hline 1998 & 708.30 \\\hline\end{array}$
Source: Australian Bureau of Statistics, Australian Economic Indicators, ABS Cat. No. 1350.0, ABS, Canberra.

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Definitions:

Substitute Goods

Products or services that can serve as replacements for each other; when the price of one increases, the demand for the other increases.

Liquid Laundry Detergent

A water-based cleaning agent used for washing clothes, which is specially formulated to dissolve, suspend dirt and soils, and rinse them away, leaving the fabric clean.

Powdered

Reduced to a fine or dust-like particle size through grinding or pulverization.

Demand Curve

A graphical representation showing the relationship between the price of a good and the amount of the good that consumers are willing and able to purchase at each price.