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Workers are compensated by firms with “benefits” in addition to wages and salaries. The most prominent benefit offered by many firms is health insurance. Suppose that in 2000, workers at one steel plant were paid $45 per hour and in addition received health benefits at the rate of $9 per hour. Also suppose that by 2010 workers at that plant were paid $47.25 per hour but received $20.25 in health insurance benefits.

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