1. Suppose a worker can survive by daily consumption of $40 value of commodities as determined by the socially necessary labor time of 4 hours. If the total value of produced commodities by him in 8 hours equals $100, a) The paid wage to the worker in the Marxian framework is to be S b) The unpaid wage to the worker in the Marxian framework is to be S_ c) The constant capital (Transferred value of capital such as machinery and raw materials) will be 2. Suppose a worker can survive by daily consumption of S20 value of commodities as determined by the socially necessary labor time of 4 hours. Suppose the capitalist invests s10 in the means of production, which will be used up in the 8 hours of the worker's labor. Explain 1. How the commodity's exchange value adds up to $50. 2. The paid wage to the worker. 3. The unpaid labor, i.e., surplus value 4. Exploitation rate

1. Suppose a worker can survive by daily consumption of $40 value of commodities as determined by the socially necessary labor time of 4 hours. If the total value of produced commodities by him in 8 hours equals $100, a) The paid wage to the worker in the Marxian framework is to be S b) The unpaid wage to the worker in the Marxian framework is to be S_ c) The constant capital (Transferred value of capital such as machinery and raw materials) will be 2. Suppose a worker can survive by daily consumption of S20 value of commodities as determined by the socially necessary labor time of 4 hours. Suppose the capitalist invests s10 in the means of production, which will be used up in the 8 hours of the worker's labor. Explain 1. How the commodity's exchange value adds up to $50. 2. The paid wage to the worker. 3. The unpaid labor, i.e., surplus value 4. Exploitation rate

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q2. The production function is y = LaK¹- and (p = $10,w = $20, r = $15). (1) Show whether the production exhibits DRS or CRS or IR.S. (ii) Obtain the Marginal Rate of Technical Substitution (MRTS). (iii) Find (Lº, Kº) to minimize the cost in producing given output, y=100.
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True or False 1. If leisure and consumption are normal goods, the labor supply curve is more likely to be backward bending when the consumer views leisure and consumption to be more substitutable for one another.
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sitier the production model studied in Chapter 4. Final output in the economy is pro- duced using capital K and labor L. The production function is: Y = ĀK'/³L^/5 Assume that the supply of all inputs are exogenous and equal to L and K. Perfectly compet- itive firms are price-takers and choose how much capital and labor to demand by maximizing profits. Let w and r denote the wage and rental rate of one unit of labor and capital respec- tively. (a) What are the 5 endogenous variables in this model? Also list the exogenous variables and the parameters and provide a brief explanation of each. (b) Show the first order conditions for labor and capital. Explain the intuition for why these conditions are optimal for a firm. Are there diminishing returns to these inputs in this model? ( (c) Show that the solution for output per capita can be written as y = Ak/5. Observed GDP per capita is 3 in this economy. Capital per person is 32. If Ā = 1, what does this model predict for GDP per person?…
Can you please help solve question 10 a,b and c please show full working so I can compare it to my own work Thank you