Workers are compensated by firms with benefits in addition to wages and salaries. The most prominent offered by many firms is health insurance. Suppose that in 2000, workers at one steel plant were paid $30 per hour and in addition received health benefits at the rate of $6 per hour. Also suppose that by 2010 workers at that plant were paid $31.50 per hour but received $13.5 in heakth insurance benefits. a. By what precentage did total compensation (wages plus benefits ) change at this plant from 2000 to 2010? Total compensation increased or decreased by________ percent? What was the approximate average annual percentage change in total compensation? b. By what percetage did wages change at this plant from 2000 to 2010? Wages increased or decreased by ______percent? What was the approximate average annual percentage in wages? c. If workers value a dollar of heath benefits as much as they value a dollar of wages, by what total percentage will they feel their incomes have risen over this time period? What if they only consider wages when calculating their incomes? Incomes rise or fall by ____ percent?
Workers are compensated by firms with benefits in addition to wages and salaries. The most prominent offered by many firms is health insurance. Suppose that in 2000, workers at one steel plant were paid $30 per hour and in addition received health benefits at the rate of $6 per hour. Also suppose that by 2010 workers at that plant were paid $31.50 per hour but received $13.5 in heakth insurance benefits.
a. By what precentage did total compensation (wages plus benefits ) change at this plant from 2000 to 2010?
Total compensation increased or decreased by________ percent?
What was the approximate average annual percentage change in total compensation?
b. By what percetage did wages change at this plant from 2000 to 2010?
Wages increased or decreased by ______percent?
What was the approximate average annual percentage in wages?
c. If workers value a dollar of heath benefits as much as they value a dollar of wages, by what total percentage will they feel their incomes have risen over this time period?
What if they only consider wages when calculating their incomes?
Incomes rise or fall by ____ percent?
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