@rbreich probably a better question is how much of a Big Mac is labor anyway? Surely the cows are the losers here, but that aside, if 20% is labor, doubling wages doubles wages but we’d only expect a 20% price increase. All and all, if everyone did this, we’d all win out and the economy would get a nice stimulus. Slowly starving workers until all the costs are raw materials just leads to no customers.
Obviously it isn’t quite that simple. Companies will want to protect their margins, so if cost go up, profit will have to too! They won’t complain about that part, to be sure.