Year Nominal Minimum Wage CPI (1982-1984 = 100) 1974 $2….

Year Nominal Minimum Wage CPI (1982-1984 = 100) 1974 $2.00 49.3 2022 $7.25 292.7   The table above lists the actual minimum wage and CPI in 1974 and in 2022. Using the above table, calculate the real minimum wage for 1974 and 2022. Are workers better off in terms of the purchasing power of a dollar in 1974 or 2022? Explain why.