Answer :
20% is the rate of increase earn by employee on hourly basis if rate went from 10 dollars per hour to 12 dollars per hour.
What does economics mean by real wage rate?
The amount of the good that one hour of labour can buy is transparently measured by the real wage rate, which is the nominal wage rate divided by the commodity's price. It offers a critical gauge of the living conditions of workers as well as their output.
How do rate and wage differ from one another?
A wage is the compensation an employee receives depending on the amount of hours they put in, multiplied by their hourly rate of pay. The minimum pay rates specified in a Modern Award are typically connected to these hourly rates of pay. Hourly rates that are "Above Award" are also regarded as compensation.
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