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erastova [34]
3 years ago
7

Workers are compensated by firms with "benefits" in addition to wages and salaries. The most prominent benefit offered by many f

irms is health insurance. Suppose that in 2000, workers at one steel plant were paid $20 per hour and in addition received health benefits at the rate of $4 per hour. Also suppose that by 2010 workers at that plant were paid $21 per hour but received $9 in health insurance benefits. By what percentage did the wage change at this plant from 2000 to 2010?
Business
1 answer:
True [87]3 years ago
8 0

Answer:

The percentage by which wage changes from 2000 to 2010 is 2.26 %.

Explanation:

This problem requires us to calculate the wage change from 2000 to 2010 in percent. The wage rate in 2000 and 2010 is given that is 24 dollars (20+4) and 30 (21 + 9). To calculate the rate of change we will use following formula.

Growth Rate = (Present/ past)^ (1/n") -1

" n is period range

(Putting values)

                   = (30/24)^ (1/10) -1

                   =  2.26 %

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