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The Costs to Fast-Food Restaurants of a Minimum Wage Increase to $10.50 per Hour

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  • Jeannette Wicks-Lim
  • Robert Pollin
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    Abstract

    As fast-food workers join picket lines around the country, media outlets are questioning how much a minimum wage increase would cost businesses, fast-food restaurants in particular. Jeannette Wicks-Lim and Robert Pollin examine the potential impact of a proposal to raise the federal minimum wage, concluding that the proposed hike to $10.50 would impose only modest costs, and could� meaningfully improve living standards for low-wage workers while avoiding the unintended consequence of reducing employment. They explain how they arrived at their key finding:�the average fast-food establishment�could�fully�cover the costs from the $10.50 minimum by raising prices 2.7 percent.

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    Bibliographic Info

    Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Research Briefs with number peri_fast_food_wages.

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    Date of creation: 2013
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    Handle: RePEc:uma:perirb:peri_fast_food_wages

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