Create a strong argument to the following prompt. Explain how the labor theory of value developed and changed from Smith, Ricardo, and Marx. Begin by establishing the significance of the labor theory and explain for each thinker individually.
Q: In the context of a perfectly competitive model of the labour market, an increase in technology that…
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Q: When Marx writes of labour and its values, he focusses on socially necessary labour. why?
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Q: The expected effect of a wage increase on women’s labour supply. b) The expected effect of an…
A: A) The labor supply of women would rise because they're getting paid more and the opportunity cost…
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Q: Explain the process of accumulation as Smith and Marx saw it (Note: The descriptions by Smith and…
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Q: our enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $6 per…
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Q: Consider the early 1970s when an oil price shock roiled the U.S. economy, including the labor…
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Q: Labor and capital can never be substituted for each other. true or false?
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Q: What role does unpaid necessary labor play in the capitalist system?
A:
Q: Use the wage curve and the profit curve to show the equilibriumin a model of the labour market.…
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Q: The labor supply curve is the relationship between the wage level and the quantity of labor that…
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Q: Which of the following is the main difference on the basis of assumption between Ricardo and…
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Q: d-e
A: The labor theory of value is a theory which tends to argue that the economic value of a good or…
Q: In the same model of the labour market as in the previous question, Select one or more: O a. A rise…
A: Labor market is driven by two forces which are labor supply and labor demand which helps to…
Q: According to Bowles adaption of ESwaran and Kotwal's model, what determines the difference between…
A: The Eswaran and Kotwal model is based on a two-sector economy, namely industry and agriculture.…
Q: Which of the following is a difference between the models depicting the market for labour and that…
A: Let's check each option and find which statement led to the difference between the models depicting…
Q: Having a marginal product of labor that increases over low levels of employment is common in this…
A: Option B) often it has to do with specialization- workers are able to divide up tasks and be more…
Q: Equilibrium in the labour market depends on the demand for labour and the supply of labour.…
A: Labor market is similar to goods market. Labor demand is downward sloping since a higher salary or…
Q: The labor supply curve is fundamentally a representation of the trade-off people face between which…
A: Labor supply curve represents the relationship between the wage rate in the market and total number…
Q: Part 1: True/False/Explain. For each question, follow these steps. First, define or explain…
A: Lewis in his model states that migrates surplus agricultural workers to the capitalist sector to…
Q: Short answer question. Discuss how a firm’s demand for labor and the wage rate might change if the…
A: The demand curve for labour, under the ceteris paribus assumption, shows the amount of labor…
Q: positive marginal product
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Create a strong argument to the following prompt. Explain how the labor theory of value developed and changed from Smith, Ricardo, and Marx. Begin by establishing the significance of the labor theory and explain for each thinker individually.
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- Economics Modify the Lewis model and assume that there is a strictly positive marginal product of labor in the traditional sector. Use figures with production functions in the traditional and the modern sectors to show what the equilibrium is when no one wants to move away from agriculture. What assumptions do you have to make about production functions to arrive at the conclusion that fewer people will end up in agriculture? Use the same starting point as in the above question. Derive the demand for labor in the traditional and in the modern sectors. Show graphically what the characteristics of the equilibrium would look like when no one wants to change sectors.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.In the same model of the labour market as in the previous question, Select one or more: a. A rise in labour supply will lead to a rise in wages b. Given a constant mark-up a rise in labour productivity will lead to higher wages C. A rise in product market competition will lead to a higher mark-up Equilibrium employment is given by the intersection of the wage and profit curves
- 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-eWhich of the following is the main difference on the basis of assumption between Ricardo and Haberler’s theory? Select one: a. Perfect Competition b. Labour value theory c. Two commodities d. Transportation Costs e. Two nationsThe labor supply curve is fundamentally a representation of the trade-off people face between which of the following? technology and wages work and leisure wages and productivity work and wages
- I need help soon as possibleIn the context of a perfectly competitive model of the labour market, an increase in technologythat raises the marginal product of labour at any given level of employment would be expected, inequilibrium, toa) reduce the amount of labour required to produce a given amount of output and hence increaseunemployment.b) shift the labour demand curve outwards and lead to an increase in employment and wages.c) have no effect upon labour supply or labour demand curves and hence have no impact onemployment or wages.d) reduce the supply of labour to the market and result in an increase in wages but a fall inemployment Why the correct answer is B?Which of the following is a difference between the models depicting the market for labour and that for capital? Select one: a. The derivation of the demand curve from marginal products. b. One is rental market while the other is a purchase-to-own market. c. The types of models used to determine prices and quantities. d. The slope of the demand curve. re. The slope of the supply curve.
- 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…What role does unpaid necessary labor play in the capitalist system?Short answer question. Discuss how a firm’s demand for labor and the wage rate might change if the market were to become imperfect.