11. Unemployment and Inflation
Nominal Income and Real Income
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Celebrity McRockstar is the lead singer of the world’s best band. She started her band in 2010. Since she was new to the scene, she only made \$20,000 in 2010. However, in 2020, she earned \$2,000,000 from selling her records. Being so cool, Celebrity McRockstar got even more famous between 2020 and 2025. In 2025, she was able to earn \$2,500,000. Assume 2010 is our base year, 2020 has a CPI of 120, and 2025 has a CPI of 140.
A. What was Celebrity McRockstar’s real income in 2020?
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Celebrity McRockstar is the lead singer of the world’s best band. She started her band in 2010. Since she was new to the scene, she only made \$20,000 in 2010. However, in 2020, she earned \$2,000,000 from selling her records. Being so cool, Celebrity McRockstar got even more famous between 2020 and 2025. In 2025, she was able to earn \$2,500,000. Assume 2010 is our base year, 2020 has a CPI of 120, and 2025 has a CPI of 140.
B. What was Celebrity McRockstar’s real income in 2025?
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Celebrity McRockstar is the lead singer of the world’s best band. She started her band in 2010. Since she was new to the scene, she only made \$20,000 in 2010. However, in 2020, she earned \$2,000,000 from selling her records. Being so cool, Celebrity McRockstar got even more famous between 2020 and 2025. In 2025, she was able to earn \$2,500,000. Assume 2010 is our base year, 2020 has a CPI of 120, and 2025 has a CPI of 140.
C. What was the percentage change in Celebrity McRockstar’s real income between 2020 and 2025? What was the percentage change in her nominal income?
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