11. Wage Rate for Construction Workers. The average hourly wage rate for construction laborers in 2001 was $13.36. In 2017 construction laborers made $18.70 per hour. The CPI for 2001 was 177.1 and...

M5

Extracted text: 11. Wage Rate for Construction Workers. The average hourly wage rate for construction laborers in 2001 was $13.36. In 2017 construction laborers made $18.70 per hour. The CPI for 2001 was 177.1 and for 2017, 245.1. Calculate the percentage change in real Deflated 2001 wages: $ Deflated 2017 wages: $ (2017 / 2001) x 100 = The percentage increase in construction laborers' real wages is % (take to the first decimal place)