Consider the following table that contains hypothetical data on average student income on a college campus for the years 2012 – 2014.
|Year||Nominal Student Income ($\$$)||CPI (base year = 2012)||Real Student Income ($\$$)|
In a recent news article, a reporter claimed that student incomes increased by a sizable amount between the years 2012 – 2015. Thus, the reporter insinuates, the living conditions for students has improved. Suppose you are a representative of the university’s student union and, because nobody else but you in the union successfully completed an economics course, are tasked with the challenge of discrediting the reporter’s statement.