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24 hours agoI have yet to hear of a business in which 100% of the cost to the consumer is labour. Materials, equipment, rent, profit margins, etc. all mitigate the impact of labour going up.
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Cake day: August 11th, 2023
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Not necessarily. If your labour is 25% of the cost of a product and it increases by 4%, the price of the product would go up 1% without affecting the profit at all (in dollars, not percentage).