Providing the numbers would be helpful...
In my game I already have Wages and Working Hours maxed out, so no gains possible there anymore.
I just found out that all our cities have a happiness of 74 or higher (I hope others can confirm this as it seems odd: I don't believe this was the case last turn).
Moving the sliders shifts the happiness with +1 and -1. Here's a table that represents the options we have (the data is the data from the empire manager, the names I used may be confusing but you get the point).
Code:
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Current settings:
| Food Prod Gold
----------+---------------
Collected | 1355 1243 767
Used | 756 721 450
Available | 416 210 284
Current settings, entertainers removed:
| Food Prod Gold
----------+---------------
Collected | 1445 1318 821
Used | 756 779 482
Available | 482 224 299
Move Rations slider 1 to the left:
| Food Prod Gold
----------+---------------
Collected | 1355 1243 767
Used | 567 713 444
Available | 594 207 281
Move Rations slider 2 to the left (and adjust Entertainers where needed):
| Food Prod Gold
----------+---------------
Collected | 1302 1142 722
Used | 378 646 419
Available | 737 189 267 |
As some of these numbers seem a little odd, I hope someone else can double-check them...
Note that some of this may be unreliable and we may be forced to add a few more entertainers here and there next turn if we max out anything...
But with the above numbers, it's clear that compared to the optimal settings with the current Rations level, the changes we get by maxing out the Rations slider are: +53% food (for growth), -17% production (and PW), -11% science and -13% gold.
If we only move the slider back 1 notch, the numbers are +23% food, -9% production, -6% science and -8% gold.
Personally, I would favour moving back the slider 1 notch, assuming no further changes in happiness occur in the next turn...