I thought no one wanted to work anymore?!
>> The new rate applies to restaurant chains with more than 60 nationwide locations.
So just with McDonalds, about 70,000 employees, but this includes managers [1].
[1] https://corporate.mcdonalds.com/corpmcd/our-stories/article/...
So net operations increase = 70,000w * US$4/h * 1560h/w = US$436,800,000
Which means a Big Mac, if the price absorbed the wage increase alone would need to go up net approximately $8.33. $8.33 * 115BM/d * 1250r * 365d = US$437,064,687
$8.33 + $5.19 = $13.52 for a Big Mac (again, prices could be spread more evenly).
You took 500,000 workers from across the entire state and then picked a single company's expenses. The old wages for those 500,000 people at $16/h and your 1560h/y estimate would already be over $12bn.
Avg hours per year: 1560h (30h * 52 weeks), delta avg +$4 per hour
500,000 * US$4 * 1560h = US$3,120,000,000 net increase.
Gross company + franchise operating expenses were $2,706,000,000 in 2023 [1].
115 Big Macs sold / day in California / restaurant [2] (45 restaurants?). About 1250 restaurants in CA.
Big Mac about $5.19 * 115BM/d * 1250r * 365d = $272,312,500 per year revenue for Big Macs.
So... $60 Big Mac? (corrected, see below)
[1] https://corporate.mcdonalds.com/content/dam/sites/corp/nfl/p...
[2] https://goldenstatemcd.com/