Question

Workers are compensated by firms with "benefits" in addition to wages and salaries. the most prominent benefit offered by many firms is health insurance. suppose that in 2000, workers at one steel plant were paid $45 per hour and in addition received health benefits at the rate of $9 per hour. also suppose that by 2010 workers at that plant were paid $47.25 per hour but received $40.5 in health insurance benefits.

Answer 1

What is your specific question? One thing you could do with these numbers is use data on inflation to calculate the present value of those benefits in today's money.

Answer 2

Answer:

Total worker compensation increased by 62.5% at this plant form 2000 to 2010, but wages increased only by 6.1%.

Explanation:

During 2000, the total worker compensation (wages plus benefits) was $54 per hour (= $45 + $9). It increased to $87.75 (= $47.25 + $40.50) during 2010, that is a 62.5% increase = [($87.75 - $54) / $54] x 100 = 62.5%

But wages increased only: [($47.75 - $45) / $45] x 100 = 6.1%