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We discussed different possible interpretations of a labor theory of value: the labor embodied theory of value and the labor command theory of value being two of them.
(a) Explain briefly these two interpretations.
(b) Which seems closer to Adam Smith’s view?
(c) Which seems closer to Ricardo’s?
(d) Which seems closer to Marx’s?
(e) Which seems closer to the modern view?
d-e
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- a. Derive the short - run labour demand curve of an individual competitive firm. Be sure to state all of your assumptions clearly. b. Illustrate this demand curve in a carefully labeled diagram. c. Suppose that a technological innovation allows firms to produce more output with the same amount of capital and labour. How does this affect the firm's short - run labour demand curve? Explain with reference to your derivation and assumptions in part a. d. Illustrate the effect of this technological innovation on the labour demand curve using your diagram in b. **please make the diagram**Part 1: True/False/Explain. For each question, follow these steps. First, define or explain precisely any terms or concepts that are underlined, with a focus on the particular context in which they are being used. Second, state whether the statement is true or false, and explain why. Include diagrams or examples as part of your example, if appropriate. Concise answers are preferred over wordy ones. Lewis model. a. Draw the marginal value product of labor curve in the traditional sector (call this scenario A). Clearly label the curve and the axes of the graph. Include a dotted line for the subsistence level wage. b. Suppose a new labor-saving agricultural technology is introduced (call this scenario B). What would the MVPL curve look like now? Clearly label it on your graph. Describe in words why the graph has changed. c. Draw the graph for the modern sector, and draw one MVPL curve for the modern sector (e.g. assuming one fixed level of capital). d. Draw two labor supply (LS) curves on…1) Criticism of the Lewis model include a. capitalist profits may go into labor-saving capital, thus not increasing the demand for labor b. the wage rate in the industrial sector is not constant but rising c. the modern sector often includes increasing returns to scale 2) The Lewis Model (also called the Surplus Labor Model) has two sectors, which are a. traditional and industrial b. agrarian and agricultural c. industrial and urban.
- Managerial economics is defined as - Choose the best option) * a. a distinct field of economic theory. b. a field that applies economic theory and the tools of decision science. c. a field that combines economic theory and mathematics. O d. none of the above.(c) Let us now turn to the labor market for grocery store workers in Little town. Recently one of the last two grocery stores in Little town closed leaving only one employer for grocery store workers in this area. This labor market is not very competitive. What type of market structure is this? (d) Draw a typical supply curve (i.e. average expenditure), marginal expenditure, and demand for the grocery store in Little Town. Label the equilibrium wage and number of grocery store workers. (e) Suppose that some time has passed and the population has grown in Little Town and there are now many grocery stores. Now suppose that the grocery store workers unionize. Draw a graph to depict the equilibrium wage and number of workers in this new market.The Exchange Theory of Value a) states that the value of anything is based on the resources that were used to produce it. b) contradicts the principle of opportunity cost. c) is consistent with the Labor Theory of Value. d) All of the above e) None of the above
- Q5. This question focuses on the price setting and wage setting relations. (a) Assume that the price setting equation is given by P = following values of the markup, u, calculate the real wage: p = 0.1, 0.2, 0.3, and 0.4. (1+) W. For each of the What happens to the real wage as u increases? (b) Suppose that all markets are perfectly competitive. What is the value of u when perfect competition exists? What will be the real wage paid by firms when all markets are perfectly competitive? == (c) Suppose that the markup of goods prices over marginal cost is 10% and the wage setting equation is W = P(1 u); where u is the unemployment rate. What is the real wage, as determined by the price-setting equation? What is the natural rate of unemployment? (d) Suppose that the markup of prices over costs increases to 20%. What happens to the natural rate of unemployment? Explain the logic behind your answer.Give me correct and accurate answer otherwise i give downvote Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.the nature of relationss in an institution can influence the institutional objectives. These principles are based mainly on happy employees, who are more productive. When workers are kept informed, their social needs are satisfied and motivation is increased. To achieve this, interpersonal and labour relationss are of the utmost importance. By making use of examples to illustarte understanding. elaborate on the role of Public Managers, Trade Unions and Employee Associations in sound labour relations
- Which of the following statements is most accurate? a) CEO wages and compensation have flattened since the 1970 s. b) The U.S economy is doing poorly (the U.S. is no longer the wealthiest country in the world). c)The U.S (like all capitalist countries) has a totally unregulated, free-market system. d)The wages of the typical U.S worker have continued to rise (in both actual dollars and those adjusted for inflation) since the late 1970 s. e)Having a large middle class is good for a country because the middle class keeps the economy going (the middle class are a country's major consumers). Do fast don't use chatgpt answer urgenthelp please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all workingBoth answers give you thumbs up and explain it Question 21What was the "General Will" theory?A) an individual's decision based on their personal interests, often revealing their own personal greedB) an individuaľ's ability to overcome their personal interests and vote for what is best for the communityC) the majority voteD) protection for the minority whose ideas were defeated in the vote Question 22Which of the following was NOT related to the "Division of Labor theory?A) use of machines and other inventionsB) creation of an early "assembly lineC) increases in worker efficiencyD) workers would become revolutionary in their hatred of industríal labor
