so we hear a lot about price inflation vs higher wages “if minimum wage goes up the price of everything goes up” so how bad is it?
to keep things simple we are just going to focus on burgers to keep things simple, secondly data seems to vary on what average sales, so from a few google searches i see that the number of burgers sold from your average burger places vary but 700 seems to come up a lot though some sources say its as high as 1600 with an average staff of 25 people per location
so with that in mind lets do some math
700 burgers per day * 365 days a year = 252,000
lets assume that for each employee you gave a 5$ an hour pay raise (about $10,000 per employee per year working 2000 hours a year)
25 employees * $10,000 each = $250,000, the math is way to clean and convenient but hey I will take it
so a simple 5$ raise could be compensated by a 1$ increase on just the burgers and I think most of us would be ok with that (for 1600 burgers per day the increase would be less than .50c per burger)