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?
Q: what is a labour related theory
A: Why one had to look at the sphere of production? As per Karl Marx version of economics, People…
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A: The demand for a factor is its VMP (value of the marginal product) which is computed by multiplying…
Q: AFC Q (workers) (units) MPL FC VC TC AVC ΑTC MC (units) (S) ($) (S) (S) (S) (S) (S) 1 90 210 3 320 4…
A: The table is filled below using the following formulas MPL= Change in Q/ Change in L TC= VC+FC ie…
Q: When Marx writes of labour and its values, he focusses on socially necessary labour. why?
A: Socially necessary labour In Marx's criticism of political economics, socially necessary labor time…
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A: Labor demand curve shows the inverse relationship between wage rate and quantity of labor demanded.…
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A: In economic representations, factors of production can be described as inputs that are utilized for…
Q: please help
A: Profit maximization requires price of inputs to be equal to value of Marginal product of inputsP *…
Q: 8. All labour is A. O Homogeneous B. O Heterogeneous C. O Lazy D. O Intelligent
A: The work which is being done by a particular worker or the group of workers in exchange for money is…
Q: (a) Why does the labour demand curve slope downwards?
A: Hi, thanks for the question. As per the guidelines we are allowed to attempt the first question. If…
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A: In a labor market, any change in income of the worker and the availability of the worker will affect…
Q: If: q = L+K Wage = 20 Rate of capital = 40 How much does it cost the firm to produce q =…
A: Production function : q = L+K We will first find out the marginal product of labor and capital…
Q: Give some examples of direct labor?
A: Direct laborers are the individuals and staff who produce the company’s products and provide…
Q: why in her calculation of the cost of going to college, an economist would include the amount of…
A: Economic cost= Accounting cost+Opportunity cost.
Q: In a country called Uncle Sam Land (USL), the labor demand curve is given by: W = K - 4L Where W is…
A:
Q: Given: Y = 20(L.5K.4N.1) L is labor K is capital N is land L = 100 K = 100 N = 100. What is…
A: Below is the given values: Y = 20(L.5K.4N.1) L = 100 K = 100 N = 100.
Q: What is Labour
A: Labor is one of the four factor of production along with capital, land and entrepreneurship. Labor…
Q: With which of the theories of wages, is the name of John Stuart Mill associated?
A: Wages and productivity are a really basic and crucial part of economics. Wages are the financial…
Q: An increase in the price of capital will the demand for labor if the scale effect dominates. demand…
A: In the production process, labor and capital are two basic inputs to generate output. Some products…
Q: OThe profit-maximizing quantity of labor equates the marginal product of labor with A) the average…
A: "Since you have asked multiple questions, we will solve the first one for you. If you want any…
Q: Whatever aspects of the division of labour do Karl Max and Adam Smith have in common
A: According to Smith's definition, division of labor is the division of labor and specialization with…
Q: Assume that the inputs are the perfect complement, if the price of one input (i.e wage rate) has…
A: Inputs are complement when they are used together in a given proportion.
Q: Given the following Q=100k0.5 L0.8 C=12000 W=400=500 Determine the quantity of labour and capital…
A: A production function exhibits the technical relationship between the inputs and the output level.…
Q: What accounts for the backward bending Labour supply curve?
A: A backward-bending supply curve of labor, or backward-bending labor supply curve, is a graphical…
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A: The time sum of all process stages is used to calculate total labor content. If a procedure has two…
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A: Implicit cost: Any cost that has already occurred but not disclosed or reported as a distinct item…
Q: Can you Solve the solution below A. Complete the Column for MRS. Show your solution for each…
A: The required labour-capital function is shown in the next step.
Q: What is the formula for total factor productivity? What will be happened when the labour input is…
A: In an economy, total factor productivity refers to an economic measure that is used to define the…
Q: The marginal product of labor is the increase in total product from a Select one: a. one dollar…
A: "Total product refers to the total output produced by inputs involved in the production process."
Q: Why does the learning curve apply mainly to direct rather than indirect labor?
A: The learning curve implies that labor becomes more efficient after working for several years. This…
Q: rk
A: Division of labour is the separation of a work process into a number of tasks, with each of the task…
Q: Why are labour markets imperfect? Give five reasons.
A: Labor markets are imperfect since the wages anticipated by Marginal revenue product theory are not…
Q: Explain how intertemporal substitution is important for current labour supply and for the current…
A: Labor: - labor is one of the factors of production, any physical and mental work by humans against a…
Q: Which has held a larger impact in the united states within this past century, added worker or…
A: Added worker effect and discourage worker effect on the field of employment has changed over the…
Q: .With which of the theories of wages, is the name of John Stuart Mill associated? O Marginal…
A: To find : John Stuart Mill is associated with which theory of wages.
Q: In describing the history of the industrial revolution and child labor Waylon Hedegaard argued that…
A: Hedegaard concluded that child labor persisted throughout the Industrial Revolution. Children were…
Q: How each of the following situations will affect labour demand, i.e. if it will cause a movement…
A: Two inputs are substitutes when only one of them is used to produce good
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- Based on Marx's equation to calculate the rate of exploitation, what is the condition when exploitation is zero?Writing in 1776, Adam Smith was concerned not only with the profound effects of the division of labor on productivity (as your textbook notes) but also its stultifying effect on the human capacity. InThe Wealth of Nations, Smith warned that performing a few simple operations over and over again could render any worker, no matter his or her native intelligence, “stupid and ignorant.” a. Does the division of labor in today’s economy continue to have both these effects? b. What are the policy implications? (Radical)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.
- 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?what is a labour related theoryGive the three reasons that explain why the division of labor increases an economy’s level of production.
- What is the difference between Karl Max and Adam Smith in term of division of labour?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?Some economists believe that the US. economy as a whole can be modeled with the following production function, called the Cobb-Douglas production function: Y = AK¹/32/3 where Y is the amount of output K is the amount of capital, L is the amount of labor, and A is a parameter that measures the state of technology. For this production function, the marginal product of labor is MPL = (2/3) A(K/L)¹/³. Suppose that the price of output P is 2, A is 3, K is 1,000,000, and L is 1/100. The labor market is competitive, so labor is paid the value of its marginal product. a. Calculate the amount of output produced Y and the dollar value of output PY. b. Calculate the wage W and the real wage W/P. (Note: The wage is labor compensation measured in dollars, whereas the real wage is labor compensation measured in units of output)
- Suppose that a person's life is divided into two periods. A period of poor economic times, when this person earns $28 per hour of work, and a period of good economic times when they earn $42 per hour. The person cannot work more than 2000 hours in a single period, but they want to earn $107,000 total across both periods. What is the minimum number of hours this person needs to work total? Round your answer to two decimal places. Then take a second and thing about what is happening to GDP in each time period and connect the dots to Real Business Cycle Theory.Ab 11 Economics A production function is given by the equation Q = 48L^0.5*K^0.5. Where L is the number of labor units and K is the capital units. Find the marginal product of labor (QL) and the marginal product of capital (Qk) at L=9 and K=16.Suppose the following graph shows the earnings trajectory of college-educated workers (orange line) and of workers with only a high school diploma (blue line), through age 34. Use the grey quadrilateral (star symbols) to shade the area representing the direct costs of attending college for four years. Then use the purple quadrilateral (diamond symbols) to shade the area representing the opportunity cost of attending college for four years rather than entering the work force immediately after completing high school. Finally, use the green quadrilateral (triangle symbols) to shade the area representing the difference in earnings between college graduates and high school graduates between the ages of 22 and 34. Hint: Be sure that the coordinates of the end points of the quadrilaterals are exactly the same as the coordinates of the areas they are to cover. Once the quadrilateral is in place, dick on it to show the value of the shaded area. ? 100 8 8 8 8 EARNINGS AND COST (Thousands of…
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