DY
I’m not sure about your bottom line. there are leading economists and many studies on both sides of the issue. Thus I dont claim to know either way.
The OP said “the cost of a product is based on raw materials + direct labor (how much the worker works X wage) + manufacturing overhead, which is computed based off of labor costs (like .25 of labor costs)”
This is simply not true. The determinants of cost are (mainly) supply and demand if those don’t change the price of an item wont change.
Now as I and Barry laid out earlier. Increasing minum wage might increase the affordibality for burgers and thus increase the demand and thus increase the price. But not for the reason the OP said