The length of the workday is 12 hours and the original rate of surplus value is 100%. Suppose the value of labor is reduced to 2/3 of its original value, and the length of the workday is reduced to 10 hours. (1) Is this change in absolute surplus value production or relative surplus value production? (2) What is the rate of surplus value after the change?
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3. The length of the workday is 12 hours and the original rate of surplus value is 100%. Suppose the value of labor is reduced to 2/3 of its original value, and the length of the workday is reduced to 10 hours.
(1) Is this change in absolute surplus value production or relative surplus value production?
(2) What is the rate of surplus value after the change?
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- Answer all (Question 4 and 5 are compulsory) 4. Explain all resources that economic relies on. 5. Discuss in detail, demand function and its factors.3. What kinds of action decisions are available to an organization when there is a surplus of labor? A labor shortage?2. A manager hires labour and rents capital equipment in a very competitive market. Currently, the wage rate is £6 per hour and capital is rented at £12 per hour. If the marginal product of labour is 50 units of output per hour and the marginal product of capital is 75 units of output per hour, is the firm using the cost-minimising combination of capital and labour? If not, should the firm increase or decrease the amount of capital used in the production process?
- 18. Microeconomics Imagine that we have found out the demand for a product for three individuals. Each individual's demand can be described by the demand functions:Q ^ A = 10 –2PQ ^ B = 10 –2PQ ^ C = 10 –2Pa) What is the total demand function if the product above is a private product? b) What is the total demand function if the product above is a collective product? c) If the total cost of the product is given by the function TC = 7.5Q, what is the optimal quantity if the product is a private product? d) If the total cost of the product is given by the function TC = 7.5Q, what is the optimal quantity if the product is a collective product? e) Briefly state what characterizes a collective commodity with a maximum of one sentence D only solveWhat are the concepts of microeconomic theory with respect to the supply and demand of the inputs required to produce the good/s and the good/s itself. Consider relating to elasticity/inelasticity; substitutes and complements; derived demand; marginal costing; rival / non-rival goods; price formation.An increase in land rents a. will lead to an increase in the marginal revenue product of all inputs used in production except for the land. b. will lead to an increase in the marginal revenue product of all inputs used in production on the land. c. will lead to land to be used less intensively as its marginal revenue product has decreased. d. will bring some previously zero-rent land into productive use.
- (1) If the demand for product Y increases significantly, then A- the demand for the labor used to make Y decreases. B-the quantity of labor supplied to produce Y will decrease. C-the supply of labor to produce Y will increase. D-only the quantity demanded of labor increases E-the demand for the labor used to make Y increases (2)If the wage in a perfectly competitive labor market is $15 and the marginal product of the last worker employed is 3 units, what must be the market price for the good being produced? Assume a perfectly competitive output market. A- $5. B-$12. C-$15. D-$18. E-$453. Optimal use of multiple inputs. In his shop, Jim Valenti retrofits sunroofs into automobiles. The process can use a combination of skilled labor and unskilled labor. Given his current mix of employees, the marginal product of the last unit of skilled labor is 4 sunroofs per day, and the marginal product of the last unit of unskilled labor is 1 sunroof per day. Current market rates for skilled and unskilled labor is $40 and $20, respectively. Is Julian using a least cost combination of inputs? If not, which of type of labor should he use relatively more? Comparison Expression: Result:A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? marginal revenue gross earnings pure profit marginal costs net benefit
- Which would decrease the demand for a particular type of labor? An increase in the prices of the resources that are complements to that type of labor An increase in the wages of that type of labor X An increase in the demand for the products produced by that type of labor A decrease in the prices of those resources that are complements for that type of labor1. Explain what is technical efficiency? 2. Explain what is full employment under economic efficiency?If the marginal product of labor is 40 units and the marginal product of capital is 200 units, while the price of labor is $50 per worker and the price of capital is $300 per unit of capital, what would the producer do? Group of answer choices The producer would use more labor and less capital. The producer would use the same amount of both capital and labor as before. The producer would use more capital and less labor. The producer would use less of both capital and labor. The producer would use more of both capital and labor.
