Problem
In 1982, the average hourly earnings of private nonagricultural production workers were $7.86 per hour. By 2003, the average hourly earnings had risen to $15.35. In 2003, the CPI was 184.0, compared to 96.5 in 1982. What were the real earnings of private nonagricultural production workers in 2003 measured in 1982 dollars?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.