Three Years Ago, When the CPI Was at 102

question 160

Short Answer

Three years ago, when the CPI was at 102.6, the members of a union were earning $22.25 per hour. Now, with the current CPI at 108.4, they are negotiating for a new hourly rate that will restore their former purchasing power. What hourly rate are they seeking?

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Definitions:

Strong Relationship

A significant and intense association or correlation between two or more variables in a study or analysis.

Direct Correlation

A relationship between two variables such that as the value of one variable increases, the value of the other variable also increases, and vice versa.

Restricted Range

A situation in which the variability of a variable is constrained or limited, affecting statistical outcomes.

Moderate Relationship

A term describing a level of correlation between two variables that is neither weak nor strong, suggesting some degree of association but not a perfect or near-perfect linear relationship.