Firms compensate workers with "benefits" in addition to wages and salaries. The most prominent benefit offered by many firms ishealth insurance. Suppose that in 2010, workers at one steel plant were paid $35 per hour and in addition received health benefits atthe rate of $7 per hour. Also suppose that by 2020 workers at that plant were paid $36.75 per hour but received $31.50 in healthinsurance benefits.Instructions: Enter your answers rounded to 1 decimal place.a. By what percentage did total compensation (wages plus benefits) change at this plant from 2010 to 2020?Total compensation increasedv by62.5 %.What was the approximate average annual percentage change in total compensation?b. By what percentage did wages change at this plant from 2010 to 2020?Wages (Click to select) v by|%.What was the approximate average annual percentage change in wages?c. If workers value a dollar of health benefits as much as they value a dollar of wages, by what total percentage will they feel that theirincomes have risen over this time period? What was the approximate average annual percentage change in total compensation?b. By what percentage did wages change at this plant from 2010 to 2020?Wages (Click to select) v by%.What was the approximate average annual percentage change in wages?c. If workers value a dollar of health benefits as much as they value a dollar of wages, by what total percentage will they feel that theirincomes have risen over this time period?%What if they only consider wages when calculating their incomes?Incomes (Click to select) v by%.d. Is it possible for workers to feel as though their wages are stagnating even if total compensation is rising?|(Click to select)

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Firms compensate workers with "benefits" in addition to wages and salaries health insurance. Suppose that in 2010, workers at one steel plant were pai the rate of $7 per hour. Also suppose that by 2020 workers at that plant we insurance benefits. Instructions: Enter your answers rounded to 1 decimal place. a. By what percentage did total compensation (wages plus benefits) change Total compensation increased vby 62.5 %. What was the approximate average annual percentage change in total co % b. By what percentage did waqes change at this plant from 2010 to 2020?

Firms compensate workers with "benefits" in addition to wages and salaries health insurance. Suppose that in 2010, workers at one steel plant were pai the rate of $7 per hour. Also suppose that by 2020 workers at that plant we insurance benefits. Instructions: Enter your answers rounded to 1 decimal place. a. By what percentage did total compensation (wages plus benefits) change Total compensation increased vby 62.5 %. What was the approximate average annual percentage change in total co % b. By what percentage did waqes change at this plant from 2010 to 2020?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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