Let us assume that a capitalist employs a worker for the production of bags for ladies. Production of one bag requires 12 hours of direct labor. Capitalist provides tools for production of bags. The direct labor content (equivalent) of these tools to produce one bag is 20 hours. Let us also assume that one hour of direct labor in that country is worth one schilling ( schilling is the national money of that country) Given these a) What will be the value of one bag (in schillings) in that country? b) What is the justified share (in schillings) of the capitalist (according to Marx) from the sale of one bag. c) If capitalist pays only 0.5 schillings per hour to the worker; what will be the surplus value and the capitalist for one bag?

Let us assume that a capitalist employs a worker for the production of bags for ladies. Production of one bag requires 12 hours of direct labor. Capitalist provides tools for production of bags. The direct labor content (equivalent) of these tools to produce one bag is 20 hours. Let us also assume that one hour of direct labor in that country is worth one schilling ( schilling is the national money of that country) Given these a) What will be the value of one bag (in schillings) in that country? b) What is the justified share (in schillings) of the capitalist (according to Marx) from the sale of one bag. c) If capitalist pays only 0.5 schillings per hour to the worker; what will be the surplus value and the capitalist for one bag?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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