Consumer Price index number for the year 1957 was 313 with 1940 as the base year. The Average Monthly wages in 1957 of the workers in to factory be Rs. 160/- their real wages is: (a) Rs. 48.40 (b) Rs. 51.12 (c) Rs. 40.30 (d) None of these
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Answer:
option b
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The real wages of the workers are Rs. 51.12
Given:
CPI for the year 1957 = 313
Average Monthly wages in the year 1957 = Rs. 160
Base year = 1940
To Find:
The real wages of the workers
Solution:
The index is predicated on a comprehensive set of commodities and assesses the total variation in customer prices with respect to time.
Employing the formula to calculate real wages -
Real wages = Monthly Wages/ CPI × 100
Substituting the values -
= 160/313 × 100
= 16000/313
= 51.12
Answer: The real wages of the workers are Rs. 51.12
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