Quote:
Originally Posted by Undertoad
...In your budget, what would you now not pay for, in order to eat there?<snip>
So, what will you now not pay for, now that you have paid more for a steak?
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UT, I think we have each misunderstood one another.
Quote:
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...Instead, I think they will just pay the new minimum wages, and move on.
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In my post, by "they" I meant the "employer" would move on.
Obviously the employer has several options ... taking a smaller profit is one, raising meal prices is another, or reducing other costs (menu, portion size, ingredients, etc.) are within the purview of the employer.
The employee has only 2 options... continue at currently offered wage or look for work elsewhere.
Within your meaning, whatever I would do if I had $10 less in my billfold would depend on my level of income and assets.
At some level downwards, I would not be able to pay for the meal.
At some level upwards, $10 would not make any difference at all.
My view of the minimum wage is that a (relatively) small increase in wages can make a much more significant improvement in the life of employees than the same sized decrease in profit will make in the life of the employer.
But all that is for a different posting