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Discuss Marx's "Theory of Exploitation", “Theory of Surplus Value of labor ” and the creation of surplus-value.
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- Based on Marx's equation to calculate the rate of exploitation, what is the condition when exploitation is zero?Marx writes that “labour itself, … insofar as its purpose in general is the mere increase of wealth … is harmful and pernicious.” What does he mean by that?When Marx writes of labour and its values, he focusses on socially necessary labour. why?
- A country can produce two goods, X and Y. The maximum possible output of X is 200 and the maximum possible output of Y is 300. If the marginal product of labor in X is 4, what is the marginal product of labor in Y?"If the wage rate paid to one form of labor is twice the cost of another form of labor, the first type of labor must be twice as productive."Use your knowledge of household production theory to indicate the following: a) The expected effect of a wage increase on women’s labour supply. b) The expected effect of an increase in the wage of a women on the demand for children. c) Why the substitution effect for labour supply may be larger for women than men. d) The effect of a spouse’s disability on the other person’s labour supply, where the spouse requires home (not institutional) care. e) The effect on the same spouse’s labour supply, as in (d), if the government (or private insurance) provided financial compensation to the family.
- Equilibrium in the labour market depends on the demand for labour and the supply of labour. Graphically demonstrate how the supply of labour in the U.S. is affected by the increase in the labour force resulting from Mexican immigrants. What other factors that can cause the labour supply curve to shift?Your enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $6 per hour, and a sandwich sells for $3. If your uncle is maximizing his profit, what is the value of the marginal product of the last worker he hired? What is that worker's marginal product?In a market economy, the compensation of labour is determined by the interaction of demand and supply in each labour market, relative compensation by the interaction of relative demand and supply. A higher price for labour leads to a higher quantity of labour supplied, a lower price leads to a lower quantity supplied and prices and wages help coordinate economic activities. Do you agree this statement if so Why?
- Following is information on the production levels of three different firms. Firm A is currentlyproducing at a quantity where it is experiencing increasing returns. Firm B is currentlyproducing at a quantity where it is experiencing diminishing returns. Firm C is currentlyproducing at a quantity where it is experiencing negative returns.a. If each of the firms cut back on its labor force, what will happen to its marginalproduct of labor? And why?b. If each of the firms adds to its labor force, what will happen to its marginal product oflabor? And why?Sal's Salon hires workers to give manicures. The market for manicures is perfectly competitive, and the price of a manicure is $20. The labour market is competitive, and the wage rate is $180 a day. The table shows part of the workers' total product schedule. If the price of a manicure remains at $20 but the wage rate rises to $240 a day, what happens to the value of marginal product of labour? Does Sal's Salon hire more workers or fewer workers? The value of marginal product of labour Sal's Salon hires workers. O A. does not change; fewer O B. does not change; does not change OC. increases; more OD. decreases; fewer Manicures Workers per day 30 4 45 57 6. 66 7 72What is a real life example of what is happening at the 'cross' of the 'X', or where the labor demand and labor supply curves intersect. Trying to understand this more clearly with a real example.
