Dear skeptics, here is the data and formulas we used for the Market Basket Survey:
1. Item purchased and price
2. Price in pesos (MN$)
3. Price in US dollars
- price of pesos divided by MN 10.11 (approximate average current exchange rate) = USD $
4. Time cost, number of hours needed to work
- MN $ divided by MN$ 5.5 (hourly wage of minimum wage worker who earns MN$ 49.5/day) = hours
5. US cost equivilant
- hours worked mulitplied by USD $ 6.55 (US min. wage) = USD
Our conlcusions:
1 kilo oranges = 5 pesos/ .49 US cents/ .9 hours / $ 5.89 US equivilant
Deoderant = 25 pesos/ 2.47 USD / 4.5 hours work/ $29.50 US equivilant in dollars
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