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However, there are studies that show that higher prices for products due to increased labor cost are usually only by about 0.4% of the original price. According to a 2020 study, a 10% minimum wage increase for grocery store workers translates into 0.36% higher grocery prices which is consistent with full cost pass-through.
A country's gross domestic product (GDP) at purchasing power parity (PPP) per capita is the PPP value of all final goods and services produced within an economy in a given year, divided by the average (or mid-year) population for the same year. This is similar to nominal GDP per capita but adjusted for the cost of living in each country.
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