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That doesnt change the fact that the median and the average are extremely different values. The median has gone down. Thats the number that matters to most of us, and that impacts most of us.
Actually, they are each just calculated statistical indicators that have no impact on you at all.
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Originally Posted by greywar
I know why they would publish the average-because depending on your discussion that's a important number.
Then why do we see these complaints over publication of an average? If they published a median instead, the very same people would be whining about that. Because they'd been told to.
Quote:
Originally Posted by greywar
Yes earnings...
As I had to point out.
Quote:
Originally Posted by greywar
I'm not trying to be mean with this, I really am unsure if its a mistaken understanding on your part or not.
You've no idea! -- Kate Beckett
Last edited by Reynard32; 10-03-2015 at 05:36 PM..
In general you'd expect the businesses to raise prices to cover the increased labor costs.
Many businesses would do anything BUT raise prices. It would depend on the price-elasticity of demand. There are always places to cut or re-source or double up in order to absorb a cost increase. And it's not like the price of low-wage labor is the only thing that bounces around on you. Prices of ALL your inputs and consumables will be subject to the very same fluctuations. Part of being a competent business person is being able to adapt to or take advantage of those price moves. If you can't stand that sort of heat, you don't belong in the kitchen.
Many businesses would do anything BUT raise prices. It would depend on the price-elasticity of demand.
I already explained that. If businesses raise prices to just cover their higher labor costs, *real* prices won't increase for the economy as a whole. There is no change in aggregate demand either.
I already explained that. If businesses raise prices to just cover their higher labor costs, *real* prices won't increase for the economy as a whole. There is no change in aggregate demand either.
Huh? Businesses do not operate for the benefit of the "economy as a whole". They operate within the bounds of their own markets, which often dictate that you do anything BUT raise prices simply because the cost of a factor input went up.
simply because the cost of a factor input went up.
It went up for all their competition as well. There isn't any reason for them to not raise prices, unless the competitive market suddenly changed. But that would have to be caused by some other factor so would be comparing apples to oranges.
It went up for all their competition as well. There isn't any reason for them to not raise prices, unless the competitive market suddenly changed. But that would have to be caused by some other factor so would be comparing apples to oranges.
I can't make decisions for my competitors. They can and will do whatever they like. An increase in the minimum wage is meanwhile no different from an increase in the price of gasoline, and if I've got a price-sensitive market share, I'm going to do everything I can to avoid raising prices as the result of either one. .
When you make only minimum wage of course you want a higher wage. Only those people who make much higher wages see no need to give anyone making so little more money!
Okay, double the minimum wage. Here's the outcome....those WORTH the higher wage due to better skills will get those jobs instead of the lower skilled people.
Okay, double the minimum wage. Here's the outcome....those WORTH the higher wage due to better skills will get those jobs instead of the lower skilled people.
Not how it works...
Don't those people with better skills already have jobs?
Okay, double the minimum wage. Here's the outcome....those WORTH the higher wage due to better skills will get those jobs instead of the lower skilled people.
LOL! Nobody pays workers what they are worth. They are paid what they cost in a market that is heavily tilted toward employers.
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